In June, Virginia sportsbooks made a remarkable recovery after experiencing a two-month decline, recording a substantial $235 million in monthly betting handle.
Unlike the majority of US states that experienced a decline in consecutive months, VA sportsbooks, on the other hand, observed a slight rebound.
The Virginia Lottery disclosed on Friday that sports betting operators in VA experienced a 3.5% increase in June, generating $234,943,435 in revenue. This growth follows their impressive performance in May when they amassed $226,963,573.
In just over five months of betting, Virginia sports bettors have surpassed the $1.3 billion mark in total wagers.
Since the Virginia market launched on Jan. 21, the total gross gaming revenue (GGR) has exceeded $100 million, as evident from the June numbers.
The numbers: June sports betting in Virginia
In June, sports betting operators in VA earned $22 million, which is a slight decrease from the $23.2 million they made in May.
In June, the adjusted gross revenue (AGR) decreased to $14.9 million, down from the previous month’s all-time high of $15.7 million. The cumulative revenue to date has reached $49.3 million.
In June, VA sportsbooks produced a total of $2.3 million in state taxes, which also encompassed $56,849 allocated for problem gambling assistance within the commonwealth.
| Month | Handle | GGR | Hold % | Promos | Other deductions | AGR | Taxes |
|---|---|---|---|---|---|---|---|
| February 2022 | $401,889,135 | $27,498,133 | 6.8% | $15,816,234 | $3,797,649 | $7,884,250 | $7,884,250 |
| January 2022 | $485,544,417 | $39,050,067 | 8.0% | $16,850,981 | $3,978,519 | $18,220,567 | $2,876,609 |
| December 2021 | $426,596,891 | $31,515,015 | 7.4% | $17,051,709 | $4,339,908 | $10,123,398 | $1,729,130 |
| November 2021 | $402,621,132 | $48,337,037 | 12.0% | $14,993,073 | $3,417,267 | $29,926,697 | $4,233,167 |
| October 2021 | $427,320,306 | $30,160,385 | 7.1% | $15,805,261 | $4,569,424 | $9,785,700 | $1,746,204 |
| September 2021 | $293,851,531 | $30,929,243 | 10.5% | $17,422,068 | $3,172,781 | $10,334,395 | $1,557,498 |
| August 2021 | $182,418,252 | $17,967,427 | 9.9% | $6,868,639 | $2,410,724 | $8,688,064 | $1,378,539 |
| July 2021 | $161,901,955 | $19,965,556 | 12.3% | $4,375,872 | $2,898,664 | $12,691,020 | $1,864,433 |
| June 2021 | $234,943,435 | $22,006,296 | 9.4% | $4,983,544 | $2,125,855 | $14,896,898 | $2,273,995 |
| May 2021 | $226,963,573 | $23,173,549 | 10.2% | $5,168,732 | $2,341,616 | $15,663,201 | $2,381,115 |
| April 2021 | $236,432,523 | $19,442,317 | 8.2% | $5,529,294 | $2,532,886 | $11,380,137 | $1,652,147 |
| March 2021 | $304,066,245 | $26,573,877 | 8.7% | $10,340,533 | $2,388,332 | $13,845,012 | $1,183,487 |
| February 2021 | $265,778,306 | $12,238,730 | 4.6% | $13,187,560 | $2,282,972 | ($3,231,752) | $300,594 |
| January 2021 | $58,896,564 | $3,586,077 | 6.1% | $6,343,077 | $478,612 | ($3,235,612) | $39,710 |
| Total | $4,109,224,266 | $352,443,759 | 8.6% | $154,736,576 | $40,735,209 | $156,971,974 | $24,622,911 |
In total, sports bettors in Virginia placed an average of $7.8 million in wagers per day during June, which indicates a rise from the $7.3 million daily amount processed by sportsbooks in May.
A summer betting slowdown?
Despite being the first state to achieve $1 billion in wagers at a rapid pace, Virginia has encountered a few obstacles in recent months.
Similar to the previous two months, June typically signifies a decline in business activity for sportsbooks.
During the summer break of most major sports organizations, the betting world has shifted its attention towards smaller sports.
In addition to Major League Baseball, other popular betting options in June that contributed to the monthly handle were:
- PGA Tour
- ATP and WTA tennis
- NASCAR
- UFC/MMA
- WNBA
Furthermore, the ongoing 2020 Summer Olympics, which were postponed for a year due to the COVID-19 pandemic, are currently generating a surge in betting activity across sportsbooks nationwide.
At first, Olympics betting was prohibited in Virginia, but legislators eventually resolved the matter.
The NFL and NCAA football seasons in the fall are highly anticipated by sports bettors, and businesses can expect an increase in activity during this time.
More Virginia competition ahead
FanDuel has dominated the betting scene in Virginia, being the initial sportsbook to launch in the state. This accomplishment was made possible through their collaboration with the Washington Football Team.
During a recent presentation by the VA Lottery Board, it was revealed that FanDuel had contributed to 49.5% of the total betting funds in Old Dominion up until last month.
In the seven-sportsbook market, DraftKings holds the second position with a 25.4% market share, closely followed by BetMGM at 16.4%. Other competitors in this market include William Hill, BetRivers, WynnBET, and Unibet.
Despite the lack of new sportsbooks in VA since April 28, the competition is set to increase. Barstool Sportsbook and Golden Nugget are expected to launch in August, just in time for football season. Bally Bet, on the other hand, has obtained a permit but is likely to launch after the other two.
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