[ad_1]
In May, sports betting in Virginia generated over $50 million in revenue for the Virginia Lottery, as reported in their sports wagering activity report. Virginians wagered a total of just over $500 million on sports, marking a 25.2% increase from the previous year. The total winnings for bettors came in at about $445 million, resulting in operators retaining an 11.86% win percentage.

Adjusted gross revenue exceeded $500 million, calculated by subtracting total wagers from total winnings. Virginia law mandates that 15% of each operator’s adjusted gross revenue is taxable, resulting in about $8 million collected in taxes on sports betting revenue for May.

As required by state law, approximately $7.8 million will be deposited into Virginia’s General Fund, with the remaining $202 million allocated to the Problem Gambling Treatment and Support Fund, managed by the Virginia Department of Behavioral Health and Developmental Services.

The significant revenue generated from sports betting highlights the popularity and success of the industry in Virginia. With continued growth in sports wagering, both the state and problem gambling support services will benefit from the financial contributions. This positive revenue report showcases the potential for further economic benefits from sports betting in Virginia.

Source
Photo credit www.wric.com