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Virginia Lottery Reports 25% Increase in Sports Wagering Handle in May

Ziv Chen

Last Updated: July 4, 2024 12:03 PM EDT • 58 sec read.

Old Dominion Monarchs quarterback Grant Wilson celebrates his scoring run as we look at the Virginia sports betting financials for May 2024
Old Dominion Monarchs quarterback Grant Wilson celebrates his scoring run. Photo by: Jim Dedmon/USA TODAY Sports

The Virginia Lottery released its May 2024 sports betting report on Monday, and the data showed that it was a good month for sports betting operators, including many of our best sports betting sites, operating in Old Dominion.

The Virginia sports betting market handle was just under $505.6 million during the period, up 25.2% year over year. Of that total, $501.4 million was generated from Virginia sports betting apps, with the remaining $4.2 million coming from retail outlets.

The breakdown

Of the $505.6 million handle during May, bettors won $445.6 million, leaving operators with a hold of 11.86%. Allowable bonuses and Virginia sportsbook promos of $11.7 million were deducted from mobile operators' gross winnings, while no bonus deductions were made for retail sportsbooks. 

After bonuses and other allowable deductions, state Adjusted Gross Revenues (AGR) totaled $53.9 million. While the Virginia Lottery does not reveal how each online operator performs, its press release stated that 11 of the 14 operators currently licensed to operate by the Virginia Lottery posted a positive AGR.      

Taxes

According to Virginia sports betting laws, a 15% tax is taken on each operator’s GGR, of which 97.5% percent is deposited in the state’s General Fund, and 2.5% is allocated to the Virginia Department of Behavioral Health and Developmental Services’ Problem Gambling Treatment and Support Fund. From a total of $8 million in betting taxes collected in May, $7.9 million and $0.2 million were deposited in the General Fund and Gambling Treatment and Support Fund, respectively. 

Written By:
Ziv Chen
Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.