Virginia Lottery Releases its Report on Sports Wagering Activity
RICHMOND, Virginia (March 3, 2022) — The Virginia Lottery today released its report on sports wagering activity submitted by licensed operators for the month of January 2022, marking one year of reporting since legal sports betting launched in Virginia on Jan. 21, 2021.
Between January 1 and January 31, 2022, Virginians wagered $485,544,417 (“handle”), setting a new monthly record for wagering.
Virginia bettors won a total of $446,494,350 for a combined 8.04% operators win percentage (“hold”). Virginia’s sports betting catalog of approved leagues and events continues to expand, and through the end of January, bettors have wagered a combined total of more than $3.7 billion on a wide variety of approved sporting events. During the month of January, eleven licensed operators were active and accepting mobile sports wagers. A complete list of all approved operators can be found here, under the “approvals” tab. State law places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue (AGR), which is defined as total wagers minus total winnings and other authorized deductions. Virginia’s statute allows operators to deduct certain customer acquisition costs from AGR, and operators reported nearly $17 million in bonuses and free-play incentives in January:
|Jan-22||Inception to Date|
|Gross sports gaming revenues||$485,544,417||$3,707,335,130|
|Bonuses and Promotions||($16,850,981)||($138,920,342)|
|AGR (Adjusted Gross Revenue)||$18,220,567||$149,087,724|
Of the state tax on sports betting AGR, the statute specifies 97.5 percent is to be deposited in the state’s General Fund and 2.5 percent is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health.
Four operators reported net positive AGR for December, leading to almost $2.9 million in tax payments for the month:
|Monthly Taxes||Inception to Date|
|General Fund Allocation||$2,804,693.45||$22,636,215.10|
|Problem Gambling Treatment and Support Fund Allocation||$71,915.22||$580,415.78|
About Virginia Lottery
The Virginia Lottery is responsible for the regulation of sports wagering in the Commonwealth of Virginia. Monthly financial reports and other important information about legal sports wagering is posted at www.valottery.com/casinosandsportsbetting.
SOURCE: The Virginia Lottery.Tags: Virginia Lottery, sports wagering