Virginia reaches $1bn in sports betting revenue
Is the fastest state to achieve this despite profit falling in May.
PlayUSA.com recently revealed that Virginia has reached a total of $1bn in sports betting revenue faster than any other state where it’s regulated.
Virginia has surpassed the previous record held by Tennessee, which reached the milestone in six months rather than four.
The total sports revenue now sits around $1.1bn.
May saw $227m spent on sports wagers, compared to the $236.4m recorded in April.
That decrease means on average sports betting earned $7.3m in wagers per day in May compared to $7.9m in April.
PlayVirginia.com analyst, Dann Stupp spoke on how the state can continue its growth. “Virginia’s record-setting start has come in spite of its wagering ban on in-state college teams, which is essentially leaving money on the table,” he said. “The state’s best month came in March, exacerbating the slowdown. The playoff appearances by the Washington Wizards and Capitals in May were a help, but without a significant local draw over the next few months, sportsbooks will have to be innovative to keep bettors engaged.”
Outside of sports betting alone, gross gaming revenue throughout the state saw a month-over-month increase of 19%.
Play.com has suggested that despite the current lull in sports betting, the coming Olympics and NBA playoffs will be beneficial for the market.
The state launched sports betting in January 2021 and is currently online only with casinos and sportsbooks expected to arrive in 2022.
DraftKings, FanDuel, BetMGM, BetRivers, William Hill and Unibet are all currently operating throughout the state. Bally’s, Barstool and Golden Nugget are in the process of launching.
The revenue reported by Virginia in May sees the state sixth among other regions in the country.
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