May saw sports betting in Virginia make an adjusted gross revenue of $67.9 million, which was the highest point in the last four months. Year-over-year figures show a 26% growth in May revenue and when checked against April, the revenue was also 21% higher. Online betting provided $67.4 million from the May result, with retail sportsbooks bringing in $467,259 during the same period.
Information from the Virginia Lottery includes player spending, also called handle, which reached $595 million in May; this was 17.7% above the previous year, yet it was 2.4% under April’s $609.7 million handle. Online bets made up $589.9 million of the May total and $5.2 million more was placed with retail sportsbooks across the state. Holding rate for May hit 11.41%, which refers to the percentage of money kept by operators after paying out player wins.
Virginia Players Win $522.6 Million from Sports Betting
Virginia Lottery does not break out how much came from each operator, but in May there were 14 mobile operators and three land-based casinos running sports bets. The reported statistics confirm that players collectively won $522.6 million on sports betting activities for the month of May.
Taxes collected by the state reached $10.2 million for the period after all bets and wins were counted. Money from taxes was divided into two funds, with $9.9 million sent to the General Fund Allocation and $253,998 given to the Problem Gambling Treatment and Support Fund Allocation.
Share
21 views
Analysis 
Blog 
Business 
Companies 
Crime 
Finance 
M&A 
Regulation 
Reports 
Community
About us
Privacy Policy
T&C