In May, Virginia sports enthusiasts placed bets exceeding $581.3 million, as per the recent sports wagering activity report from the Virginia Lottery. This represents a 2.3% decrease from the previous year and a decline from the $613.9 million wagered in April.

From May 1 to May 31, the overall sports betting handle amounted to $581,335,802, with $574,584,903 coming from mobile sportsbooks and $6,750,899 from retail sportsbooks within the state’s casinos. During this period, 11 mobile sportsbooks and three retail sportsbooks at casinos were licensed to accept bets in Virginia.

Winners received $513,697,356, which included $507,434,670 distributed by mobile operators and $6,262,686 from retail sportsbooks, leading to a total operator hold of 11.64%.

No bonuses or promotional deductions were reported for the month. Operators noted $4,313,883 in other deductions, comprising $4,265,226 from mobile operators and $48,657 from retail outfits.

After factoring in winnings and deductions, Virginia sportsbooks declared $63,324,563 in adjusted gross revenue (AGR), with $62,885,007 sourced from mobile operators and $439,556 from retail sportsbooks.

According to Virginia law, licensed sportsbooks are subjected to a 15% tax on AGR, calculated by subtracting total winnings and authorized deductions from the total wagers.

From the betting activity in May, Virginia sportsbooks contributed $9,478,671.49 in tax revenue. Of that, $9,241,704.70 was assigned to the Commonwealth’s General Fund, while $236,966.79 was allocated to the Problem Gambling Treatment and Support Fund.

Virginia law mandates that 97.5% of sports betting tax revenue is deposited into the General Fund, with the remaining 2.5% designated for the Problem Gambling Treatment and Support Fund.

A comprehensive list of authorized operators can be found on the Virginia Lottery’s website in the “Approvals” section.