Va. sports betting rakes in $265M during first month

Virginians won $253M during first full month of online wagering

Virginians bet $265 million on sports during February, the first full month for legal sports wagers in the commonwealth, according to data released Thursday by the Virginia Lottery.

The house wound up winning — but just barely — with bettors making $253 million between Feb. 1-28, including the Feb. 7 Super Bowl, when people bet $19.5 million in Virginia, according to the Lottery’s monthly report on sports wagering activity.

The five licensed operators included in February’s reporting were Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team, Crown Virginia Gaming LLC (Draft Kings), BetMGM LLC,  Portsmouth Gaming Holdings LLC (Rivers Casino Portsmouth) and Caesars Virginia LLC (William Hill). Operators reported nearly $13.2 million in bonuses and free-play incentives in February.

The state has placed a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. In February, the state collected $300,593 in total taxes, as only one operator reported positive AGR last month.

Sports betting was legalized in Virginia in mid-January.

https://www.wric.com/news/virginia-news/virginians-spend-big-on-first-full-month-of-sports-betting-state-rakes-in-small-profit/