Virginia Continues to Deliver Sports Betting Results in May

The state of Virginia continues to be one of the most reliable sports betting jurisdictions in America since launching in January 2021.

Despite having no major pro sports teams calling the Old Dominion home, Virginia sports betting has been among the top-10 most popular sports betting markets. And May of 2023 was no different.

While the Virginia Lottery report on the state's legal sports betting May figures revealed month-over-month drops in sports betting activity, there was some positive news out of the findings. Sportsbooks in the state are seeing increased sports betting activity and revenues compared to the same period last year.

Slight month-over-month handle drop

The Virginia Lottery reported on Friday that $403.7 million was spent with the state's retail sports betting outlets and the best sports betting apps. It amounts to about $13.02 million per day.

The May figures represent a slight 5.2% dip from the $426 million from April and about a $115 million drop from the $528 million generated during the state's record month of October 2022.

On the flip side, the May 2023 legal sports betting handle in Virginia is a 14.9% improvement from the $351.4 million handle from May 2022.

99% of the total May 2023 handle, or $399.9 million, came from Virginia sports betting apps.

Revenues follow similar pattern

Gross revenues for the Virginia legal sports betting industry remained fairly strong, considering the state, like the rest of the broader U.S. legal sports betting industry, is in the midst of its annual summer sports betting slowdown.

Gross revenues for Virginia's legal sports betting providers came in at $48.1 million in May, thanks to an 11.9% hold rate - the third straight month that Virginia’s best sportsbooks have reported double-digit holds. Gross revenues are up 13.2% year-over-year from May 2023’s $42.5 million and up slightly from the $45.1 million from April 2023.

 Taxable revenues, after deductions, were reported to be $42.5 million.

Taxes paid from the $42.5 million in adjusted gross revenues was reported to be $6.3 million in May, thanks to Virginia's 15% tax rate.

Lifetime numbers reveal major milestone

Virginia has been one of the more reliable sports betting states since they legalized in January 2021. The Old Dominion retail and mobile sports betting providers have combined for $10.5 billion in sports bets since that time and have generated $2.3 billion in sports wagers in 2023 alone. The year-to-date figure represents an 8.6% improvement over the same five month period last year.

In addition, sports betting sites have helped the state to become the seventh to eclipse $1 billion in gross sports betting revenues. Virginia has officially been added to a list that includes New Jersey, New York, Nevada, Illinois, Pennsylvania, and Indiana as states with over $1 billion in gross profits for its legal sports betting providers.

$102 million in state gaming taxes has been paid by Old Dominion sportsbooks since legalization.

Bettors should take advantage of Virginia sportsbook promos for the remainder of the summer as everyone gears up for the start of football season.