The latest monthly revenue report from the Virginia Lottery has revealed that the state’s licensed sportsbooks accepted over $351.5 million in wagers during the month of May.
A higher win percentage than record-setting January sees revenues increase month-on-month
The latest figures represent a drop of 12% on the previous month’s sports betting handle but up by 55% on the same period in 2021 when only seven sportsbooks were in operation.
Payouts to winners for the month of May came to $308.9 million. This was from a combined win percentage of 12.1% up from the 9.08% reported in April and almost 4 points higher than the 8.04% reported in January’s record-breaking month.
The report also reveals that the total amount won by Virginia gamblers since sports betting in Virginia launched in January 2021 now sits at $4.8 billion from total wagers of $5.3 billion.
Bonuses and promotions for the month totaled $9.9 million while other deductions came to just over $5 million. This resulted in combined adjusted gross revenue (AGR) of $27.5 million up by 32.8% from the AGR posted in April.
Once again, only five of the state’s 12 mobile sports betting operators reported a positive AGR for the month of May. This resulted in state taxes of just over $3.9 million, up from the $3 million paid in the previous month. Since the industry launched, the state has now collected over $33.6 million in taxes.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.