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.