The sports betting revenue of close to $60 million for May on Monday as operators pounded the public to the tune of an 11.9% hold.
Revenue was up 24.6% compared to May 2023, slightly lagging behind the 25.2% increase in handle to $505.6 million as this year’s win rate was almost one-tenth of a percentage point lower. It was the fifth-highest total in 41 months of wagering in the Old Dominion, and six of the eight highest monthly revenue totals have occurred in the last nine months. Virginia sportsbooks have attained a double-digit hold on 21 occasions, including 12 times in the last 15 months.
The state was eligible to levy its 15% tax on $53.9 million in adjusted gross revenue, resulting in an inflow of almost $8.1 million into its coffers. 11 operators finished with positive AGR for May, making them eligible to pay taxes.
Promo Spend Still Light From Betr, SuperBook 6q402y
Running May Top 10 #SportsBetting handles by state:
1 New York $1.98B
2 New Jersey $838.9M
3 Penn. $591.9M
4 Mass. $587.3M
5 North Carolina $525.5M
6 Nevada $514.4M
7 VIRGINIA $505.6M
8 Colorado $447.6M
9 Maryland $431.5M
10 Tennessee $379.2M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 1, 2024
Handle was up 25.2% compared to last year and 10.3% lower from the $563.5 million reported for April. Revenue was down only 1% compared to April as May’s hold was 1.1 percentage points higher.
The $2.9 billion worth of wagers through the first five months of May is up 26.8% from the same period last year, while gross revenue is slightly behind with a 22.3% rise to $292.6 million. The 10.1% hold for 2024 is almost one-third of a percentage point lower compared to the same point last year.
There were $6 million in total deductions reported by sportsbook operators, but only $11,705 originated from mobile apps in the state eligible to deduct such offers. AGR is up 31.7% when compared to the first five months of 2023, buoyed by promotional deductions down 89.2% with spend totaling only $1.7 million.
The state’s 14 mobile sportsbooks ed for $59.5 million in gross winnings, crafting an 11.9% hold against $501.4 million worth of wagers.
Virginia’s three brick-and-mortar venues also had a solid May, combining to collect $432,200 from $4.2 million in handle, good for a 10.2% win rate.
The $2.9 billion in handle through the first five months of May is up 26.8% from the same period last year, while gross revenue is slightly behind with a 22.3% rise to $292.6 million. The 10.1% hold for 2024 is almost one-third of a percentage point lower compared to the same point last year.
The Virginia Lottery does not publish handle and revenue information by operator in its monthly press releases.
