The latest sports betting report for May in Virginia has been released, indicating a predicted decrease in activity as the year 2022 reaches its midpoint.
As summer arrives, wagering activity is slowing down despite Virginia sports bettors having doubled their action compared to the previous year.
Virginia wagering slows as summer sets in
According to the Virginia Lottery’s wagering report, Virginians bet nearly $351.5 million in May, which represents a 55% surge compared to May 2021. The significant increase can be attributed to the fact that there were only seven operators available last year, whereas this May, there were 14 live sportsbooks for bettors to select from.
May numbers, in comparison to April of this year, appear much less attractive. Similar to the majority of bettors in the country, wagering activity in Virginia experienced a significant decline during the summer months. In April, there was already a decrease in wagering activity, with bettors placing only $399.5 million in bets.
In May, there was a further decline in that number, leading to an additional decrease of 12% in wagering activity.
Winning bettors at Old Dominion made a whopping $308.9 million, leaving sportsbooks with a win percentage of 12.1%. In comparison, in April, operators only managed to achieve a win percentage of 9.08%, giving bettors a slightly better outcome.
In May, a mere five operators disclosed favorable adjusted gross revenue (AGR), which refers to the total wagers minus any total winnings and other authorized deductions. These operators contributed a total of $3.89 million in taxes to the state. Out of this amount, 97.5% is allocated to Virginia’s general fund, while the remaining 2.5% is directed towards the Problem Gambling Treatment and Support Fund, overseen by the Virginia Department of Behavioral Health.
Gamblers in Virginia have accumulated a staggering $4.8 billion in winnings since the legalization of sports betting in January 2021. This impressive figure arises from their initial wagers amounting to $5.3 billion. Simultaneously, operators have dutifully contributed $33.6 million in taxes to the state. The lion’s share of this sum, $32.8 million, has been allocated to the general fund, while the remaining $841,894 has been designated for the Problem Gambling Treatment and Support Fund.
Limited May betting options
With a limited range of sporting events in May, there were few choices for bettors, resulting in the NBA playoffs becoming the main focus. Ultimately, the Golden State Warriors emerged victorious over the Dallas Mavericks, securing a place in the finals. Similarly, the Boston Celtics triumphed over the Miami Heat.
In May, as the first round of the NHL playoffs kicked off, the Colorado Avalanche emerged victorious against the Tampa Bay Lightning, securing their third Stanley Cup triumph in franchise history.
In addition, four PGA Tour tournaments took place, among which the most anticipated was the PGA Championship held at Southern Hills Country Club in Tulsa, Oklahoma. Justin Thomas emerged victorious, claiming a $15 million prize.
The month of May was significant in the world of auto racing as it witnessed an array of exciting events. Apart from hosting six thrilling NASCAR races, the renowned IndyCar Series also organized the prestigious Indy 500.
The NBA Finals are expected to generate significant interest among bettors from Virginia in June. However, it is unlikely to fully compensate for the anticipated decline in wagering activity during the rest of the summer.
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