May handle was down 4% from the $236m wagered in April. Sportsbooks benefited from the Washington Wizards’ first round appearance in the NBA playoffs, but it was not enough to offset the slowing sports calendar.
Gross gaming revenue improved, however, reaching $23.2m for the month compared to $19.4m in April. Adjusted gross revenue was $15.7m, up from $13.8m the month prior. Virginia collected $2.8m in state taxes.
Virginia sportsbooks will be forced to lean on MLB’s Washington Nationals during the summer months, along with the WNBA’s Washington Mystics and MLS’s DC United.
So far, it’s hard to bet against the success of the Commonwealth’s rapidly emerging market.
The state launched regulated sports betting on January 21, 2021 and in a little more than four months has collected $1.1bn in handle and $85m in GGR. Virginia currently has a mobile-only sports betting market.
Seven operators were including in the Virginia Lottery’s May figures, but the lottery does not report revenue by individual operator.
FanDuel was first to launch in the Commonwealth through a partnership with the NFL’s Washington Football Team. DraftKings, BetMGM, BetRivers, Caesars/William Hill, Wynn and Unibet are currently active.
Virginia is set to face increased regional competition in the coming months.
Maryland is on pace for a late 2021 or early 2022 launch, while Washington D.C. upgraded its retail sports betting presence with the William Hill Sportsbook at Capital One Arena, which opened in late May.
