Virginia’s June sports betting report showed that handle grew, but gross revenue and taxes were down slightly.
The state has now topped $1.3 billion in total handle since launching sports betting in VA on Jan. 21.
June’s total handle in May was just under $235 million ($234,943,435), up 3.5% from May, according to figures released Friday by the Virginia Lottery.
Virginia Sports Betting Handle & Revenue, June vs. May
|Change||Up 3.5%||Down 4.9%||Down 4.5%|
Here are a few key points from the June VA gambling report:
Handle Increase Good to See
Summer months can be tough on sportsbooks. In Virginia there are seven sports betting operators live, and the 3.5% handle increase is a good sign as the NFL betting season gets closer and more sportsbooks launch in the state.
The state has already approved Golden Nugget, Bally’s Corp. and Penn National Gaming (Barstool Sportsbook). None of the three has set a launch date, but Golden Nugget and Barstool are expected to go live in August, according to the sports betting update from the last Virginia Lottery board meeting.
FanDuel Sportsbook and DraftKings Sportsbook, the first two to launch in Virginia, have been the leaders in the state since going live.
Revenue Dips Slightly
The adjusted gross revenue for June — $149 million — was down 4.9% from May’s $15.7 million. In more than five months, gross revenue has amounted to $49.3 million in the state.
The state report showed that four of the operators had positive adjusted gross revenues.
Tax Numbers Down a Little
June taxes paid to the state were down about 4.5% in June from May. The taxes collected in May were up significantly — 44% — from April. More than $7.8 million in taxes has been collected by the state since the launch of legal sports betting in January.
About $57,000 of the June taxes will earmarked for problem gambling treatment and a support fund.