Virginia sports betting handle tops $426 million  

Finance News

Virginians wagered $425.98 million in April, up 6.6% from the year prior, according to data released June 1 by the Virginia Lottery.

About $422 million in sports betting revenue came from mobile operators, and the remaining $3.5 million came from casino retail activity out of the temporary Hard Rock Hotel & Casino Bristol and the state’s first permanent casino, Rivers Casino Portsmouth.

Virginia casino total gaming revenues totaled $35.4 million in April, according to the Virginia Lottery. Virginia’s third casino, the temporary Caesars Virginia resort in Danville, opened May 15.

Virginia places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With 10 operators reporting net positive adjusted gross revenue for April, the monthly taxes totaled $5.8 million, 97.5% of which will be deposited in the state’s general fund.