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In May 2022, operators accepted a total of $351.4m in wagers from Virginian gamblers, a 55% rise from May 2021 when just seven licensed operators were active in the region.
As sports betting continues to see growth in Virginia, the state now hosts 14 licensed operators. From 1 May to 31 May, bettors wagered a combined total of $5.3bn on a range of different sporting events, winning a total of $308.9m with a 12.10% operator’s win percentage.
Virginia state law stipulates a 15% tax on sports betting activity, dependent on each licence holder’s adjusted gross revenue (AGR), defined as “total wagers minus total winnings and other authorised deductions.”
State legislation permits operators to deduct “certain customer acquisition costs” from their AGR, with some licence holders reporting almost $10m in bonuses and free-play offers for May 2022. The total AGR for the month stood at $27.5m.
Legislation requires 98% of tax on AGR to be paid into the state’s general fund, with 3% to be paid into the Virginia Department of Behavioral Health’s Problem Gambling Treatment and Support Fund.
Net positive AGR was reported by five operators for May 2022, leading to $3.9m in tax payments, $3.8m of which went into the General Fund and $97,406 into the Problem Gambling Treatment and Support Fund.
In May 2022, 888 Holdings launched a Sports Illustrated sportsbook in Virginia offering in-play markets from a wide range of global sports leagues.
