Virginia sports betting handle comes in at $351.5m in May

Gross gaming revenue was up 17.3 per cent month-over-month.
Gross gaming revenue was up 17.3 per cent month-over-month.

The figure is a decrease of 12 per cent from April but an increase of 55 per cent month-on-month.

US.- The Virginia Lottery has reported a sports betting handle of $351.5m for May, down 12 per cent compared to April but up 55 per cent from May 2021. Virginia becomes the ninth state to surpass $5bn in wagers taken.

The 14 sports betting operators licenced in Virginia reported over $42.5m in gross revenue for May, up 17.3 per cent month-over-month.

The market went live in January 2021. For the period from January to May, bettors wagered 93 per cent more money on sports than in the same five months of 2021.

The sum subject to taxation in May amounted to $27.5m with $3.9m collected by the state.

Virginia sports betting operators do not have to pay taxes on bonuses and promotions. However, as of June 21, according to new legislative regulations, sportsbooks will be allowed to exclude bonuses and promotions from their adjusted gross revenue only for a period of 12 months. 

See also: Hard Rock Sportsbook expands to Virginia

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