Virginia

Virginia Lottery reports over $734 million in sports wagers for December 2024

Bristol, Virginia – The Virginia Lottery has released its latest report on sports betting activity for December 2024, highlighting a 16.0% increase in wagers compared to the same month last year. Between December 1 and December 31, Virginians placed $734,380,460 in bets across thirteen mobile operators and three casinos, marking another strong month for the state’s growing sports wagering industry.

Betting Winnings and Operator Revenue

Virginia bettors took home a total of $684,826,417 in winnings, leaving operators with a 6.75% hold percentage for the month. The state’s tax structure imposes a 15% tax on sports betting Adjusted Gross Revenue (AGR), which is calculated by subtracting total winnings, authorized deductions, and promotions from total wagers.

Here is a breakdown of the financial activity:

  • Gross sports gaming revenue: $734.38 million
  • Total winnings paid out: $684.83 million
  • Allowable bonuses and promotions: $10,790
  • Other deductions: $5.65 million
  • Adjusted Gross Revenue (AGR): $43.89 million

Tax Contributions and Problem Gambling Support

State law mandates that 97.5% of sports betting tax revenue goes into Virginia’s General Fund, while the remaining 2.5% is allocated to the Problem Gambling Treatment and Support Fund, overseen by the Virginia Department of Behavioral Health and Developmental Services.

For December, eleven operators reported a positive AGR, leading to a total tax contribution of $6,598,301:

  • General Fund Allocation: $6,433,343
  • Problem Gambling Treatment and Support Fund Allocation: $164,957

The Virginia Lottery continues to oversee the regulation of sports betting in the state, ensuring compliance and responsible gaming practices. A complete list of approved operators can be accessed on the Virginia Lottery website under the “approvals” tab.

Viola Higgins

I’m a mother of 2 little angels that I continuously try to figure out and spend the other half figuring out how to be a great wife. Writing is my passion and I write regularly for the Virginian Tribune and several other national news outlets.

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