In May 2024, Virginia’s sports betting handle reached an impressive $505.9 million. This represents a substantial 25.2% increase from May 2023, underscoring the sector’s robust year-over-year growth.
Mobile vs. Retail Wagers
The dominance of mobile sports betting continues to grow, with mobile wagers totaling $501.3 million. This indicates a clear preference among bettors for online platforms over traditional retail locations. In contrast, retail sports betting contributed a relatively small $4.2 million to the overall handle. This disparity highlights the ongoing shift towards digital betting solutions.
Gross Gaming Revenue and Tax Payments
Out of Virginia’s 15 licensed sports betting operators, 11 reported a net positive AGR (Adjusted Gross Revenue) for May. This performance led to a total of $8.1 million in tax payments for the month. Notably, over $7.8 million of these tax payments were allocated to the state’s general fund, reflecting the significant economic contribution of the sports betting sector to the state’s budget.
Bettor Payouts and Revenue Allocation
Bettors in Virginia collectively won $445.6 million in May, indicating a high level of engagement and activity within the market. The state’s sports betting tax revenue is distributed as per statutory guidelines: 97.5% is deposited into the General Fund, while 2.5% supports the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services.
Total Wagering Figures
Through the first five months of 2024, Virginians have wagered more than $3.55 billion on sports. This cumulative figure highlights the substantial scale and ongoing growth of the sports betting industry in the state, despite the monthly fluctuations observed.
Monthly Variations and Seasonal Trends
While May 2024 demonstrated notable growth compared to the previous year, the 10% decline from April’s handle suggests potential seasonal variations or other influencing factors. Understanding these fluctuations is crucial for predicting future trends and making informed decisions regarding the state’s sports betting regulations and policies.
Casino Gaming Contributions
In addition to sports betting, Virginia’s casino gaming sector reported $62.7 million in revenue for May. This supplementary revenue further underscores the state’s diverse gaming landscape and its economic impact.
May 2024 marked a significant moment for Virginia’s sports betting industry, with substantial year-over-year growth but a decrease from the previous month’s handle. The continued dominance of mobile wagering and the considerable tax contributions emphasize the sector’s growing importance.