Virginia Sportsbooks Have Profitable May
The May sports betting numbers are in for the state of Virginia, and there were some mixed results. The total sports betting handle actually dipped from what was reported in April, but the sports betting revenue saw a massive jump.
Virginia sportsbooks posted a total sports betting handle of $351.5 million in May after that total was up to nearly $400 million in April. Sports betting tends to slow down over the summer months as the biggest sports betting markets have ended.
The overall betting action might have dipped during the month of May, but that wasn’t the case when it came to the total sports betting revenue. Sportsbooks in the state were able to post a hold rate of more than 12 percent to nearly set a record for revenue.
The gross revenue for the state of Virginia was $42.5 million, which was just shy of the $48.3 million in revenue that was set in November of 2021. After subtracting promotional offers and other deductions, the state of Virginia was still able to bring in over $3.3 million in tax revenue.
Read more about Virginia sportsbooks.
Huge Year-Over-Year Jump
The sports betting numbers in Virginia might be trending in the wrong direction, but this is something that is being seen throughout the United States. When looking at the year-over-year totals to begin 2022, Virginia sportsbooks are actually putting up impressive numbers.
The total handle to begin 2022 is now over $2.2 billion and that is a massive increase from what was seen during the same period in 2021. Sports betting handle is up more than 97% year-over-year, and Virginia is set to shatter a state record by the end of the year.
The launch of retail sportsbooks in the state is going to help boost the numbers, but online sports betting is expected to continue to lead the way. Gross revenue is up over 50% compared to the 2021 numbers, and that is what the sportsbooks and state truly care about.
Virginia Sportsbooks Now Top 10 All-Time
It took the state of Virginia some time before it decided to join the legal sports betting industry, and it’s still limited at this time. All of the betting has to be done online as the retail sportsbooks are not yet set up.
Despite joining the industry rather late, Virginia just recently jumped into the Top 10 in terms of largest markets since PASPA was overturned. The $5.33 billion in total handle has pushed Virginia past Tennessee, another state with no retail sports betting.
New Jersey has been the largest sports betting market since legal sports betting became an option in the U.S. as that state has seen nearly $28 million in wagers. New York is currently in sixth place, but it will likely take over the top spot at some point in 2023.
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