Sports betting in Virginia surpasses $1 billion, report finds

Virginians have placed more than $1 billion combined on sports bets so far this year, according to a report released by the state’s lottery.

Thursday’s report outlined sports betting activities from May 2021 and showed that state operators raked in more than $23 million from bettors during that month alone.

In that same time frame, Virginians bet $226,963,573 and won $203,790,024.

May was the fourth full month of reporting since legal sports betting launched in Virginia in January. The state’s list of approved leagues and events for sports betting continues to grow, including sports such as golf, football, soccer and basketball.

State law places a 15% tax on sports bets based on each operator’s adjusted gross revenue, defined as a person’s total bets minus their total winnings and any other authorized deductions.

The majority of the tax goes toward the state’s general fund, with a small percentage going to the Virginia Department of Behavioral Health’s Problem Gambling Treatment and Support Fund.

Only four operators reported a net positive adjusted gross income for May.

Seven licensed operators were included in the report: Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team, Crown Virginia Gaming LLC (Draft Kings), BetMGM LLC, Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth), Caesars Virginia LLC (William Hill), WSI US, LLC (Wynn) and Unibet Interactive, Inc.

A complete list of all approved operators can be found on the Virginia lottery’s website.

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