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After the Virginia Lottery said on Friday that sportsbooks generated $48.1 million in gross income for May, Virginia became the seventh state in the post-PASPA era to reach $1 billion in gross revenue from sports wagering operators. After beginning operations in late January 2021, it took just 29 months of legal gambling for the Old Dominion state to reach the landmark. Virginia joins the $1 billion club, joining states like New Jersey, New York, Nevada, Illinois, Pennsylvania, and Indiana, the latter of which reached the 10-figure threshold in April.
Virginia has established itself as a state where the house consistently performs well. Operators statewide have had a victory rate of 9.1 percent or better for 10 months in a row, and it has an all-time hold of just over 9.6 percent on more over $10.4 billion in handle. Virginia’s 11.9 percent hold, the third consecutive month in double digits, currently ranks 12th out of the 25 states that have reported data, in line with a historic nationwide sportsbooks rout for the month of May.
On $42.5 million in adjusted gross revenue, the state was able to collect its 15 percent tax rate, bringing in approximately $6.3 million for state coffers. The budget amendment from the previous year, which severely restricted the operators’ ability to deduct promotional credit expenses, has helped to explain the sharp increase in tax receipts for both the first five months of the calendar year and the fiscal year 2023.
While the $30.5 million collected in the first five months of 2023 is $17.2 million ahead of last year’s pace and presently ranks ninth nationwide, the state has raised $67.1 million in sports wagering taxes in the first 11 months of FY 2023. Before the budget amendment went into effect last July, Virginia’s first 18 months of legal gambling saw $35.5 million in revenue receipts.
The Virginia Lottery did remark that 11 operators finished with a net positive adjusted gross revenue that permitted the state to pay taxes, however it does not break down handling and revenue data by operator in its monthly release.
Sportsbooks in Virginia have taken bets worth about $2.3 billion in 2023, an 8.6% rise from the first five months of the previous year. Due in part to a 10.4 percent hold that is nearly two full percentage points higher than the previous year, gross sales increased by almost one-third to $238 million. As a result of the state levying taxes on 83.9 percent of receipts this year as opposed to 49.5 percent in the first five months of 2022, adjusted gross revenue for the calendar year 2023 has increased by 125 percent to $199.6 million.
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