PORTSMOUTH, Va. (WAVY) — Officials at the Virginia Lottery announced on Thursday that sports betting in Virginia had crossed the billion-dollar mark.
As betting continues to expand across Virginia, bettors have wagered a combined total of more than $1 billion. This includes bets on things such as golf, football and motorsports.
The Commonwealth was able to hit this 1 billion mark following the month of May when Virginians wagered $226,963,573and won $203,790,024, for a combined 10.21% operators win percentage. This includes nearly $5.2 million in bonuses and promotions.
State law requires a 15% tax be placed on betting activity based on each permit holder’s adjusted gross revenue (AGR), which is the total wagers minus total winnings and other authorized deductions.
According to their press release, AGR in May was $15.6 million bringing the grand total to over $34.4 million.
Revenue from the Virginia Lottery goes to Virginia’s K-12 public schools.