According to the state’s lottery report, the sports betting business in Virginia has crossed the $1 billion mark this year.
The report covered betting from May this year, which showed that the month alone raked in $23 million from the bettors. Additionally, Virginia’s residents bet $226,963,573. Of this, they won $203,790,024.
After the January launch of sports betting in Virginia, Sports, including soccer, football, basketball, and golf, are among the leagues and tournaments that the state has recognized for sports betting.
In Virginia, Sports betting is subject to a tax of 15% based solely on the operator’s adjusted gross income. A small portion of the collected tax goes to the Virginia Department of Behavioral Health’s Problem Gambling Treatment and Support Revenue, with the rest going to the state’s general fund.
For the month of May, just four operators recorded a net positive adjusted gross income.
The report included seven licensed operators-Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth), LLC (Wynn), Unibet Interactive, Caesars Virginia LLC, Crown Virginia Gamin, and a few others.
Dann Stupp, an analyst at PlayVirginia, says that the state witnessed a great time during March. Moreover, playoff matches between the Capitals and Washington Wizards were helpful. But in the coming months, sportsbooks need to be innovative to keep bettors engaged.
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