Virginia sports betting operators netted over $50 million in revenue in the month of May, according to Virginia Lottery’s sports wagering activity report.
According to the report, Virginians wagered more than $500 million on sports this May. This is a 25.2% increase in sports-related wagers when compared to May 2023. Their winnings totaled about $445 million, for a combined 11.86% win percentage for operators — or those who host sports betting.
This more than $500 million in adjusted gross revenue was calculated by taking total wagers and subtracting total winnings and other applicable deductions. According to the report, Virginia law dictates 15% of each operator’s adjusted gross revenue is taxable.
