May was a sleepier month for sports betting in Virginia, but the state's total handle since legalization has now eclipsed $1 billion and is set to keep on climbing.
The Virginia Lottery recently reported that the Commonwealth’s sports-wagering handle for May was nearly $227 million, down about four percent from the $236.4 million announced for April and below the $304 million recorded for March.
Despite the drop, May's action pushed Virginia's total handle since legal betting began past $1 billion.
“Virginia’s sports betting catalog of approved leagues and events continues to expand, and through the end of May, bettors have wagered a combined total of more than $1 billion on everything from golf, football and motor sports to soccer and basketball,” the state lottery said in a press release.
Four (full) months of betting
May was the fourth full month of legal sports betting in Virginia, which kicked off officially in January with an online-only wagering model.
Bettors won almost $203.8 million in May in the Commonwealth, making for a 10.21 percent win percentage for operators. In April, bettors won about $217 million and the hold for sportsbooks was 8.2 percent.
After subtracting bonuses, promotions, and other allowable deductions in May, Virginia operators notched adjusted gross revenue of about $15.7 million for the month. Four sportsbooks had net positive revenue for May, with total tax collected from the books of approximately $2.4 million.
There were seven licensed operators whose numbers were included in Virginia’s figures for May. They were: FanDuel (which is partnered with the Washington Football Team), DraftKings, BetMGM, BetRivers, William Hill, WynnBET and Unibet. Other operators, such as Bally's Corp., have been licensed to enter the market as well.
