Virginia sports handle in May declines over previous month
On a year-over-year basis, handle was up 55%.
The Virginia Lottery has released its sports betting numbers for May 2022, and, despite a relative decline from the previous month, numbers were up an impressive 55% over the year before.
In total, Virginians wagered $351.5m. This gross gaming revenue brings the cumulative total up to $5.3bn since regulated betting was introduced in April 2020.
Of this figure, gross winnings amounted to $309m, bonuses and promotions were very nearly $10m, while other deductions came to just over $5m. Adjusted gross revenue in Virginia was $27.5m.
Bettors in Virginia won $309m, which was 12.10% of the hold of operators.
For adjusted gross revenue, the state government stipulates that 97.5% of tax collected be deposited in the general fund while the remaining 2.5% percent go toward the Problem Gambling Treatment and Support Fund, something overseen by the Virginia Department of Behavioral Health.
The performance of sports betting companies in May saw nearly $4m come into the Virginia state coffers. Of this, $3.8m went into the general fund allocation, and $97,406 was set aside to address issues surrounding problem gambling.
Part of the reason for the sound year-on-year growth can be attributed to an increase of operators currently active in the Old Dominion. In May 2021, there were only seven licensed operators active. A year down the line, there are no fewer than 14.
Among these are Betfair Interactive US, Crown Virginia Gaming, BetMGM, Rivers Portsmouth Gaming, Caesars Virginia, WSI US, Golden Nugget Online Gaming, Twin River Management Group, Penn Sports Interactive, Unibet Interactive, Colonial Downs Group, Digital Gaming Corporation, VHL, and HR Bristol.
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