Virginia generates $505.6m in May sports betting handle
Players throughout the state walked away with substantial wins as well.
The Virginia Lottery has published its sports betting results for the month of May. The state’s total handle reached $505.6m, representing a 25.2% increase in activity when compared to results from May 2023.
Mobile sports betting accounted for close to $501.4m of the total state revenue, while casino retail locations brought in the other $4.2m. Moreover, Virginia players walked away with more than $445.6m in winnings in May.
Mobile operators throughout the state posted an adjusted gross revenue (AGR) of $53.6m. Retail locations brought in an AGR of more than $370,000. In total, the state posted an AGR of nearly $54m.
Virginia state law requires a 15% tax on sports betting activity, which is based on the AGR of each permit holder.
The state lottery elaborated on the laws regarding taxes on gaming, saying, “Of the state tax on sports betting AGR, the statute specifies 97.5% 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 and Developmental Services.”
During May, the state collected almost $8.1m in taxes. Virginia’s problem gambling treatment and support funds received more than $202,000 of the taxes collected, while the remaining $7.9m went to the state’s general fund.
In other state news, the Virginia Supreme Court recently ruled in favor of banning games of skill following a two-year legal dispute.
The city of Virginia Beach began enforcing Virginia’s statewide ban on skill games. The ban was reinstated last fall.
Virginia first passed a law banning skill game kiosks during 2020. However, the restriction was lifted at the beginning of the Covid-19 pandemic to provide “desperately needed revenue for small businesses.”
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