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Virginia Lottery Releases May Sports Betting Activity Report — Total Handle Increased 55% from Prior Year

July 5, 2022 | Sports Betting

RICHMOND, VA (July 1, 2022) — The Virginia Lottery today released its report on sports wagering activity submitted by licensed operators for the month of May 2022.

Between May 1 and May 31, 2022, Virginians wagered $351,452,931 (“handle”), 55% higher than May 2021 when only seven operators were active.

Virginia bettors won a total of $308,915,407 for a combined 12.10% operators win percentage (“hold”). Through the end of May, bettors have wagered a combined total of $5.3 billion on a wide variety of approved sporting events.

During the month of May, fourteen 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 $10 million in bonuses and free-play incentives in May:

 

May-22

Inception to Date

Gross sports gaming revenues

$351,452,931

$5,329,639,579

Gross winnings

($308,915,407)

($4,864,683,018)

Bonuses and Promotions

($9,967,230)

($190,062,265)

Other deductions

($5,045,967)

($55,312,174)

AGR (Adjusted Gross Revenue)

$27,524,327

$219,582,124

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.

Five operators reported net positive AGR for May, leading to $3.9 million in tax payments for the month:

Monthly Taxes

Inception to Date

Total Tax

$3,896,270.33

$33,675,796.85

General Fund Allocation

$3,798,863.57

$32,833,901.91

Problem Gambling Treatment and

Support Fund Allocation

$97,406.76

$841,894.94

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.

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