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The Virginia Lottery has released its May 2024 sports betting report, revealing that it was a successful month for sports betting operators in the state. The total sports betting handle for the period was just under $505.6 million, an increase of 25.2% compared to the previous year. The majority of the handle, $501.4 million, came from Virginia sports betting apps, with the rest generated from retail outlets.

Of the total handle, bettors won $445.6 million, leaving operators with a hold of 11.86%. After allowable deductions for bonuses and promotions, state Adjusted Gross Revenues totaled $53.9 million. The Virginia Lottery stated that 11 of the 14 operators currently licensed in the state posted a positive AGR.

Operators are subject to a 15% tax on their GGR, with 97.5% deposited into the state’s General Fund and 2.5% allocated to the Virginia Department of Behavioral Health and Developmental Services’ Problem Gambling Treatment and Support Fund. In May, a total of $8 million in betting taxes were collected, with $7.9 million going to the General Fund and $0.2 million to the Gambling Treatment and Support Fund.

Overall, the data from the May 2024 sports betting report shows a positive trend for sports betting in Virginia, with operators seeing growth in both handle and revenue, contributing to the state’s tax revenues.

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