The Virginia Lottery has released a gaming update for the first months of legal gaming in the state, showing that a total of $628.7m was wagered on sports from the market’s opening on 21 January to 31 March.
While the lottery did not reveal the amount of revenue generated, $1.5m was paid in taxes by operators in the state during the period, with $38,095 going to the Problem Gambling & Treatment Support Fund.
Given the state’s 15% tax rate, this suggests adjusted gaming revenue – after accounting for promotional spend such as bonuses – of $10.2m. Operators spent a total of $30.0m on promotions between January and March, suggesting that gross gaming revenue was roughly $40.1m.
Of the approved operators, Flutter Entertainment-owned Fanduel – the first to launch in the state – took the majority of the market share, at 53%. DraftKings is the state’s next largest operator with 24% of the market share, followed by BetMGM with 14%, Caesars with 8% and Rivers with 1%.
WynnBet, having only st..