Virginia sees boost in June sportsbook results
The state took in $7.8m in wagers per day.
The state of Virginia has revealed its sports betting results for the month of June. The numbers show that the state’s betting volume has grown for the first time in three months.
This monthly increase sees the state’s gross gaming revenue move past $100m since launch. June saw Virginia’s sportsbooks accept $234.9m in wagers; this is a 3.5% increase from the $227m spent in May. The state also saw a daily increase from May, going from $7.3m per day to $7.8m
“Sportsbooks are capitalising on individual sports like golf, which are predominantly futures bets with significantly lower odds for bettors than more conventional bets on sports like football,” said Jessica Welman, analyst for the PlayUSA.com Network.
“Those bets are particularly important during the summer when volume drops. And it puts sportsbooks in an excellent position as the football season nears.”
Virginia also recorded its third highest gross gaming revenue since its January launch at $22m. The state collected $2.3m in taxes.
“An increase in promotional spending should be expected during football season, though. That could blunt the effects of the rising volume that will come this fall,” said Dann Stupp, analyst for PlayVirginia.com.
“The good news is that revenue is headed in the right direction, which ultimately benefits the state in the form of more tax revenue.”
FanDuel Sportsbook was Virginia’s biggest operator for June, having generated $656.9m in total wagers since January. DraftKings followed in second, with BetMGM and William Hill taking third and fourth spots respectively.
“A market share of nearly half is an incredibly strong position to be in for FanDuel,” Stupp added.
“Amazingly, FanDuel’s overall market share has slipped a bit since March. The question is whether rival operators can continue to erode FanDuel’s position, even if the gap is far too large for any operator to overcome.”
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