Virginia’s May sports betting report showed how strong the young market is.
In just its fourth full month, the state topped $1 billion in total handle since launching online sports betting in Virginia on Jan. 21.
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The total handle in May was $227 million, down just 4% from April, according to figures released by the Virginia Lottery on Thursday.
Virginia Sports Betting Handle & Revenue, May vs. April
|Change||Down 4.0%||Up 37.6%||Up 44.1%|
Here are some key points from the May report for Virginia online gambling:
Gross Revenue Was Up
The Virginia sports betting operators — seven are live — had a combined adjusted gross revenue of $15.7 million for May. The adjusted gross revenue was $11.4 million in April.
The state reported that four of the operators posted positive adjusted gross revenues. Virginia doesn’t break down sports betting handle/revenue by individual operator.
Tax Numbers Increase
Taxes paid to the state were up in May over a strong April.
The taxes collected in May came to $2.4 million, up 44% from $1.65 million collected in April. More than $5.4 million has been collected in taxes since the launch of legal sports betting in the state.
More than $59,000 of the taxes collected in May will go to problem gambling treatment and support fund.
More Sportsbooks on the Way
As strong as the handle has been in Virginia with seven operators, there should be more choices for sports bettors soon. And the NFL season isn’t that far off.
Golden Nugget, Bally’s Corp. and Penn National Gaming (Barstool Sportsbook) have been approved, but have not set a launch date.