Virginia’s Sports Betting Handle Tops $1Billion
Virginia Sports Betting Handle Surpasses $1Billion Since launch.
Despite a two-month decline which included a 4% dip in May sports betting handle, adjusted gross revenue jumped up nearly 38% over April. There are currently seven Virginia sports betting operators that are live, and they had a combined adjusted gross revenue of $15.7 million for May, including a total handle of $227 million. The adjusted gross revenue for the Old Dominion State in April was $11.4 million with a handle of $236.4 million.
May is the fourth full month that the Virginia Lottery has released numbers detailing the results for sports betting. Online sports betting launched in Virginia on January 21. All sports wagers in the state must be placed online as casinos with retail sportsbooks are not expected to be built until 2022.
Up until the end of May, players have wagered an impressive combined total of more than $1 billion ($1,092,137,212) in Virginia.
Some states have reported slightly disappointing May figures, which showed a drop from April. However, others have posted some decent gains. For example, Nevada was up 4.1% to $477.2 million in May, while the New Jersey sports betting handle increased 9% to $814.2 million. Additionally, Colorado sports betting jumped 1.8% in May to $244.45 million.
Virginia’s numbers in May mean the state sits in sixth place in a table of states that have released their figures.
Increase in Taxes Collected in Virginia
According to the report released from the lottery, four of the operators posted positive adjusted gross revenues. The state doesn’t refine the sports betting handle/revenue numbers by individual operator. Taxes collected in May totaled $2.4 million, an increase of 44% from $1.65 million collected in April. Over $5.4 million has been collected in taxes since the launch.
More than $59,000 of the amount collected will contribute to problem gambling treatment schemes and support funds.
The seven sportsbooks that are live in Virginia are DraftKings, BetRivers, BetMGM, WynnBET, and Unibet Interactive, William Hill/Caesars, and FanDuel in partnership with the Washington Football Team. Three sportsbooks have received approval but have yet to launch: Golden Nugget, Barstool, and Bally’s.
Sportsbook operators in Virginia are permitted to deduct bonuses and promotions given to customers from total revenue. This number was $5.2 million in May, down from the $5.5 million handed out in April. According to the lottery, the sports betting hold in May was approximately 10.2%.
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