Sports wagering in Virginia experienced a significant increase in May compared to the previous year, with Virginians betting over $505.5 million during the month. This marks a 25% increase from May 2023, where only $403.7 million was wagered. Despite this large amount, it is the lowest total so far in 2024, which has been a record-breaking year for sports betting in the state.
Virginia bettors won more than $445.6 million in May, indicating an 11.86% win percentage for operators. This is also a 25% increase from the previous year. In total, Virginians have wagered more than $3.55 billion on sports in the first five months of the year, with winnings surpassing $2.6 billion.
Mobile operators accounted for the majority of total wagers and winnings, with over $501.3 million wagered on mobile platforms. Casinos, on the other hand, only accounted for $4.2 million in wagers. Eleven out of the fifteen licensed operators reported positive adjusted gross revenue for May, resulting in $8.1 million in tax payments, with over $7.8 million going to the state’s general fund.
Overall, sports betting has been thriving in Virginia, with total wagering exceeding $500 million for nine consecutive months. The state law places a 15% tax on sports betting activity, with tax payments based on each permit holder’s adjusted gross revenue. Virginia Lottery’s report shows a promising future for sports wagering in the state.
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