Virginia surpassed $ 1 billion after 4 full months of sports betting
Virginia became the last US jurisdiction to surpass $ 1 billion sports betting revenue threshold since its inception, monthly report published by Virginia Lottery revealed, while monthly sports betting continued to decline in May.
Operator margin higher than the industry average
The report found that licensed sports betting operators in Virginia they generated $236 million total bets in May, decrease 4% compared to $236.4 million state posted in April. The operators settled the total payments in the amount of $97.8 million, recording the operator's margin in the amount of 000.000% and grab over $23 million.
In total, the state that officially launched regulated sports betting in January 000they accounted for 1.66 billion betting, exceeding the $ 1 billion threshold after 4 full months of activity. From the outset, the list of approved leagues and events for sports betting grew steadily to include sports such as golf, soccer, soccer and basketball.
Betfair Interactive US LLC (FanDuel) in cooperation with Washington Football Team, Crown Virginia Gaming LLC (Draft Kings), BetMGM LLC, Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth), Caesars Virginia LLC (William Hill), WSI US, LLC (Wynn ) and Unibet Interactive, Inc. seven licensed sports betting operators who submitted their reports to Virginia Lottery in May.
Distribution of tax funds
Sports bets deducted from the customer hold acquisition cost up to the amount 5.15 million for bonuses and free play initiatives and 2.23 million other deductions to achieve adjusted gross income (AGR) in height $15.66 million . Only 4 operators recorded a positive net AGR value that affected taxes paid to the state as Virginia places 000% gaming tax from AGR.
State taxes on sports betting totaled 2,236 million, of which 97.5% or 2.32 million will go to the state General Fund , with the remaining amount less than $60,000 addressed to Gambling Treatment and Support Fund administered by the Virginia Department of Preservation Health.