Virginia’s Sports Betting Revenue Hits New Heights in May
In a remarkable upturn, Virginia’s sports betting landscape logged an impressive adjusted gross revenue of $67.9 million in May, marking the highest monthly performance in four months. This surge underscores a robust year-on-year expansion within the state’s regulated betting market.
When compared to last year’s figures, this month saw a 26% increase, and it also outpaced April’s revenue by 21%. The majority of this figure, $67.4 million, was generated through online platforms, while traditional retail sportsbooks contributed a modest $467,259.
The Virginia Lottery reported that the total handle for May reached $595 million, reflecting a 17.7% growth from the previous year. However, this represented a slight decline of 2.4% from April’s total of $609.7 million. Online betting dominated this handle, accounting for $589.9 million, while retail sportsbooks attracted a mere $5.2 million.
These figures translated to a hold of 11.41% for the state in May, indicating a solid performance overall.
Players Reap Rewards: $522.6 Million Won
While specifics regarding individual operators remain undisclosed, it was revealed that players collectively won a staggering $522.6 million from their wagers in May. The state has a diverse betting ecosystem, with 14 mobile operators and three casinos participating in the sports betting arena during the month.
From the betting activities, Virginia also collected $10.2 million in taxes, of which $9.9 million contributed to the General Fund Allocation. The Problem Gambling Treatment and Support Fund received an additional $253,998, supporting responsible gambling initiatives in the state.
As the sports betting sector continues to evolve, these numbers demonstrate a healthy market, highlighting both the popularity of online wagering and the fiscal benefits it brings to the state.