Virginia Sports Betting Revenues Surge 25% in May

The Virginia sports betting market has continued to grow with the latest data from the Virginia Lottery revealing a significant 25% increase in wagering during May 2024 compared to the same period last year.

According to the report, Virginians wagered a staggering $505.5 million on sports events between May 1 and May 31, 2024. This represents an average of over $16.3 million in daily wagers, a substantial increase from the $403.7 million wagered during May 2023. The impressive figures showcase the growing appetite for sports betting among Virginia residents, who have embraced the convenience and excitement of this emerging industry.

The report also sheds light on the winnings and operator revenue generated during the month. Virginia bettors won more than $445.6 million, marking a 25% increase over the $355.5 million won in May 2023. This translated to a combined 11.86% operators’ win percentage, or hold, further demonstrating the financial viability of the sports betting market in the state.

The data reveals that mobile operators accounted for the lion’s share of the betting activity, with over $501.3 million in total wagers and $441.8 million in total winnings. This underscores the growing preference among Virginia bettors for the convenience and accessibility of mobile sports betting platforms. In contrast, land-based casinos generated a relatively modest $4.2 million in wagering and $3.81 million in winnings.

Despite the May figures being the lowest totals thus far in 2024, the report highlights the growth trajectory of the Virginia sports betting market. Through the first five months of the year, Virginians have wagered more than $3.55 billion on sports and won more than $2.6 billion.

The report also provides insights into the regulatory and financial aspects of the Virginia sports betting industry. Eleven of the state’s 15 licensed operators reported net positive Adjusted Gross Revenue (AGR) for May, leading to $8.1 million in tax payments for the month. The majority of these tax proceeds, over $7.8 million, were directed to the state’s general fund, underscoring the significant economic benefits that sports betting can bring to the Commonwealth.