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Virginia Lottery Releases June Sports Wagering Activity Report – Total Handle Increased 25% From Prior Year

August 4, 2022 | Government

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

Between June 1 and June 30, 2022, Virginians wagered $295,235,271(“handle”), 25% higher than June 2021, when only 7 operators were active.

Virginia bettors won a total of $269,270,089 for a combined 8.79% operators win percentage (“hold”). Through the end of June, bettors have wagered a combined total of $5.6 billion on a wide variety of approved sporting events since regulated sports wagering began in January 2021.

During the month of June, thirteen 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 $8 million in bonuses and free-play incentives in June:

June-22 Inception to Date
Gross sports gaming revenues $295,235,271 $5,624,874,850
Gross winnings ($269,270,089) ($5,133,953,107)
Bonuses and Promotions ($7,834,123) ($197,896,388)
Other deductions ($5,146,174) ($60,458,347)
AGR (Adjusted Gross Revenue) $12,984,884 $232,567,008

 

Of the state tax on sports betting AGR, the statute specifies that 97.5 per cent is to be deposited in the state’s General Fund and 2.5 per cent is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health.

Seven operators reported net positive AGR for June, leading to $1.8 million in tax payments for the month:

Monthly Taxes Inception to Date
Total Tax $1,871,960.95 $35,547,757.80
General Fund Allocation $1,825,161.93 $34,659,063.84
Problem Gambling Treatment and

Support Fund Allocation

$46,799.02 $888,693.96

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 are posted at www.valottery.com/casinosandsportsbetting.

SOURCE: The Virginia Lottery.