Virginia sports wagers break new records in October

Finance News

The Virginia Lottery has released its report on sports wagering activity submitted by licensed operators for the month of October 2023. 

Between October 1 and October 31, 2023, Virginians wagered $571,354,817 (“handle”), 8.2% higher than last October. 

Virginia bettors won a total of $507,357,865 for a combined 11.20% operators win percentage (“hold”). 

State law places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue (AGR), which is defined as total wagers minus total winnings and other authorized deductions.

Of the state tax on sports betting AGR, the statute specifies 97.5 percent is to be deposited in the state’s General Fund and 2.5 percent is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services. 

Nine operators reported net positive AGR for October, leading to $8.6 million in tax payments for the month.