Old Dominion sports betting action in May rose 17.7% compared to May 2024.
Key takeaways
- Virginia online and retail sportsbooks enjoyed a 20.7% year-over-year revenue increase.
- May’s 12.17% hold was the highest in nearly three years.
- Three big months of basketball generated 10.5% more revenue than the same period in 2024.
The Virginia Lottery reported Tuesday bettors wagered $595 million, up from $505.6 million the previous year. May’s handle, however, was just the second to fall below $600 million in 2025.
Virginia sports betting operators still did very well against bettors. Their 12.17% hold was the highest the commonwealth recorded since September 2022 and the second to reach 12% year-to-date.
Behind good results from the NBA Playoffs for the house, Old Dominion sportsbooks hauled in $72.4 million in gross revenue, a 20.7% year-over-year increase. 13 operators reported a positive adjusted income, which reached $67.9 million in May.
Virginia filled its coffers with $10.16 million, increasing the state’s tax revenue haul to over $46 million through 2025's first five months.
| May | Online | Retail |
|---|---|---|
| Sports betting handle | $589,882,444 | $5,158,984 |
| Adjusted gross revenue | $67,445,397 | $467,259 |
Hoops produces profits
Basketball has been good to Virginia operators. The bulk of May’s betting volume likely came from the NBA Playoffs. Sportsbooks in other U.S. states reported high earnings during a postseason littered with upsets.
April brought similar results and a double-digit hold for operators. Even though March produced lower numbers, based on NCAA tournament favorites going the way of bettors, the commonwealth’s books generated $185.9 million in gross profit over the past three months, a 10.5% increase from the same period in 2024.
Casino trio rakes in the dough
Virginia’s three in-person casinos reported positive results in May. After finishing nearly $500,000 in the red in April, retail books hauled in $467,259 in adjusted revenue from a $5.1 million handle.
As for table and slot games, the trio of casinos produced $85.4 million in May’s adjusted income, up from April’s $78.7 million. That put another $15.4 million in tax money into the state's coffers. Caesars Virginia led in-person operations with $34 million in adjusted revenue, followed by $28.3 million from Rivers Casino Portsmouth and $23 million from Hard Rock Bristol.
