Va. sports betting operators made over $50 million in revenue in May

CORRECTION: The article has been updated to accurately reflect the receivers of the state’s adjusted gross revenue.

RICHMOND, Va. (WRIC) — Virginia sports betting operators netted over $50 million in revenue in the month of May, according to Virginia Lottery’s sports wagering activity report.

According to the report, Virginians wagered more than $500 million on sports this May. This is a 25.2% increase in sports-related wagers when compared to May 2023. Their winnings totaled about $445 million, for a combined 11.86% win percentage for operators — or those who host sports betting.

This more than $500 million in adjusted gross revenue was calculated by taking total wagers and subtracting total winnings and other applicable deductions. According to the report, Virginia law dictates 15% of each operator’s adjusted gross revenue is taxable.

The Virginia Lottery said that a total of about $8 million in taxes were collected on this May revenue.

According to the report, per state law, approximately $7.8 million will be deposited into Virginia’s General Fund and about $202 million will be given to the Problem Gambling Treatment and Support Fund, which is administered by the Virginia Department of Behavioral Health and Developmental Services.

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