Betting on sports in the US state of Virginia seems so lucrative that it might prompt a few people to relocate because of it.
According to the Virginia Lottery, September’s sports wagering activity brought a total handle of $737m – 18.5% up from the same month last year. This was accumulated from a total of fourteen licensed mobile operators and three licensed casinos.
Of that total amount, betting providers saw a combined total of $64m adjusted gross revenue (AGR) – meaning that Virginia bettors won around $667m, leaving operators with only 9.46% in combined win percentage.
In fact, the Lottery reported that just 10 operators reported positive AGR for September. Nevertheless, this meant good news for the state treasury, with 15% tax being imposed on sports betting activity based on a licensee’s AGR.
Because of that, total tax collected in September was $9.7m, with 97.5% of that deposited in the state’s General Fund – or $9.4m. A 2.5% deduction from the total was deposited into the state-administered Problem Gambling Treatment and Support Fund ($242k).
December will likely bring even more money thanks to a fourth land-based casino licence being recently handed off to Golden Eagle Corporation, after the Virginia Lottery Board “unanimously approved” its application to operate a casino facility in Norfolk.
After Golden Eagle opens its doors for the first time, it will join the select few currently operating a physical venue in the state – Caesar’s Virginia in Danville, HR Bristol, and Rivers Casino Portsmouth.