In May, Virginia Sportsbooks stunned the public with $60 million in revenue

For May 2024, the Virginia Lottery reported nearly $60 million in gross sports betting revenue. Sportsbook operators had an 11.9% hold on the market. Additionally, revenue was up 24.6% compared to May 2023. That was slightly less than the 25.2% increase in the handle to $505.6 million. Their $60 million in gross sports betting revenue was the fifth-highest total in 41 months of legal wagering in Virginia. Six of the eight highest monthly revenue totals have come in the last nine months. Sportsbooks in Virginia have attained a double-digit hold 21 times, it’s happened 12 times in the last 15 months.

Where was Virginia most profitable in May 2024?

In May 2024, the sports betting handle was up 25.2% compared to May 2023. However, it was 10.3% lower than the $563.5 million from April 2024. Revenue was down just 1% compared to April. Through the first five months of 2024, Virginia has collected $2.9 billion worth of wagers. That is 26.8% higher than this time last year. Gross revenue had a 22.3% rise to $292.6 million. Additionally, there was $6 million in total deductions reported by sportsbook operators. However, only $11,750 of that originated from promotional credits and bonuses.

Betr and SuperBook are the only sports betting apps in Virginia that are eligible to deduct offers. In the first five months of 2024, AGR is up 31.7%. Promotional deductions are down 82.9% with spending at $1.7 million. Virginia’s 14 mobile sportsbooks accounted for $59.5 million in gross winnings. That was an 11.9% hold on $501.4 million worth of wagers. Their three brick-and-mortar casinos collected $432,000 from a $4.2 million handle. Good rough for a 10.2$ hold on the market.