Virginia sports betting up substantially in July

Virginians wagered $266 million on sports in the month of July, a 64 percent increase over last July, according to a report from the Virginia Lottery released on Thursday.

Bettors won $240 million on their bets, your daily reminder that somebody gets rich in the betting game, and it’s the people who run the game.

State law places a 15 percent tax on sports betting activity based on each permit holder’s adjusted gross revenue, 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.