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Virginia Lottery LogoThe Virginia Lottery today released its report on sports wagering activity submitted by licensed operators for the month of February 2022.

Between February 1 and February 28, 2022, Virginians wagered $401,889,135 (“handle”), with bets on the premiere event of the month, the Super Bowl, coming in at $33.157 million.

Virginia bettors won a total of $374,391,002 for a combined 6.84% operators win percentage (“hold”). Virginia’s sports betting catalog of approved leagues and events continues to expand, and through the end of February, bettors have wagered a combined total of more than $4.1 billion on a wide variety of approved sporting events.

During the month of February, eleven licensed operators were active and accepting mobile sports wagers. A complete list of all approved operators can be found here, under the “approvals” tab.

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. Virginia’s statute allows operators to deduct certain customer acquisition costs from AGR, and operators reported nearly $16 million in bonuses and free-play incentives in February:

 

Feb-22

Inception to Date

Gross sports gaming revenues

$401,889,135

$4,109,224,266

Gross winnings

($374,391,002)

($3,756,780,507)

Bonuses and Promotions

($15,816,234)

($154,736,576)

Other deductions

($3,797,649)

($40,735,209)

AGR (Adjusted Gross Revenue)

$7,884,250

$156,971,974

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.

Four operators reported net positive AGR for February, leading to $1.4 million in tax payments for the month:

 

Monthly Taxes

Inception to Date

Total Tax

$1,406,280.24

$24,622,911.12

General Fund Allocation

$1,371,123.23

$24,007,338.33

Problem Gambling Treatment and

Support Fund Allocation

$35,157.01

$615,572.79

About Virginia Lottery
The Virginia Lottery is responsible for the regulation of sports wagering in the Commonwealth of Virginia.  Monthly financial reports and other important information about legal sports wagering is posted at www.valottery.com/casinosandsportsbetting.