Virginia Exceeds $1 Billion Sports Wagering Revenue
LISTEN TO THIS ARTICLE:Virginia has set a new state record with over $1 billion in gross sports wagering revenue and in doing so, became the seventh US state to reach the milestone.
The feat is even more notable, considering it was achieved just 29 months after the state launched legal betting in January 2021. In May 2023, sportsbooks in Virginia brought in $48.1 million in gross revenue. Sports betting operators have found the market to be extremely consistent in terms of hold percentage.
The total handle for May was $403.7 million, a 5.2% drop from April but up 14.9% year-over-year. The vast majority of bets, totaling $399.96 million, were placed online, while just $4.75 million was bet at brick-and-mortar casinos. Mobile betting continued to be popular, with players winning $352.53 from mobile devices compared to $3.03 million at casinos.
The Virginia Lottery published the figures, but it did not release figures for individual operators. However, the report did state that 11 operators saw net positive adjusted gross revenue, meaning that they will be paying taxes.
Sports Betting Operators Pay Millions in Tax
Roughly $6.3 million in tax revenue was collected by the Virginia Lottery from the operators’ adjusted gross revenue of $42.5 million. Operators in Virginia pay 15% tax, which has resulted in a significant revenue stream for the state. The first 11 months of the 2023 fiscal year saw sports betting taxes reach $67.1 million, which is $17.2 million more than at the same stage last year.
The year has seen significant growth in Virginia’s sports betting industry. Both handle and gross revenue in May were up significantly year-over-year, and the state’s hold percentage is continually climbing.
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