The latest monthly revenue report from the Virginia Lottery has revealed that the state’s licensed operators posted a sports betting handle of $226,963,573 for the month of May. The latest figures mark a 4.1% drop on April’s handle of $236,432,523 and the lowest monthly handle since sports betting launched in January 2021.
May’s sports betting handle pushed the total amount wagered since launch past the $1B mark with a launch-to-date total handle of $1,092,137,212.
Gamblers in Virginia won $203,790,024, for a combined 10.21% operators win percentage. This also pushed winnings past the $1B mark with launch-to-date total winnings of $1,007,122,612.
Operators reported $5,168,732 in bonuses and incentives paid to players during the month while other deductions totaled $2,341,616. This resulted in adjusted gross revenue (AGR) of $15,663,201 bringing the launch-to-date total AGR to $34,420,986.
Of the state’s licensed operators, seven are included in this month’s report. The seven operators are Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team, Crown Virginia Gaming LLC (Draft Kings), BetMGM LLC, Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth), Caesars Virginia LLC (William Hill), WSI US, LLC (Wynn), and Unibet Interactive, Inc.
Only four operators posted a positive AGR for the month of May resulting in state taxes of $2,381,115.69. To date, the industry has pulled in $5,557,054.31 in taxes for the state.
Despite the drop in the Virginia’s overall handle and AGR, the state saw taxes increase by 30.6% from the $1,652,146.82 collected in April. This makes May the most profitable month for the state since sports betting launched. Of the tax collected, 97.5% ($2,321,587.80) will go to the General Fund while the remaining 2.5% ($59,527.89) will go towards the state’s Problem Gambling Treatment and Support Fund.