Virginia Sports Betting Sees $235M in June Handle
Amid the peak of a summer slump when most other states are witnessing declining handles, Virginia sports betting saw a slight recovery in the June report. According to the Virginia Lottery’s figures released Friday, the commonwealth posted nearly $235 million in handle, representing a 3.5% rise from May’s $227 million.
The Virginia Lottery had estimated the handle days ago based on unaudited figures compiled. That unofficial report was first published last week.
Virginia sports betting became the fastest to top $1 billion in handle with last month’s revenue report, reaching that benchmark in its fourth full month in operation.
With the June report, Virginia has taken in more than $1.3 billion in total sports betting handle since its launch in late January.
Virginia sportsbooks won $22 million in gross gaming revenue (GGR), which was a little less than the $23.2 million in May. However, the adjusted gross revenue (AGR) for June was $14.9 million, compared to $15.7 million (the highest since launch) in May.
The state generated $2.27 million in June, including $56,849 for problem gambling support. The 4.5% shrink in state revenue was in line with the dipping AGR (5%) month over month.
Total GGR has crossed $100 million since Old Dominion kicked off its sports betting industry on Jan. 21. The total AGR now stands at a little more than $49 million.
Virginia law imposes a 15% tax on sports betting based on each license holder’s AGR. The commonwealth doesn’t break down its sports betting numbers by individual operators, though we have found unofficial individual numbers.
Olympic Gave Off-Season Boost
Since after March, US sports betting has been witnessing an off-season slump due to a lack of major sporting action. This trend that started in April is likely to persist more or less until the NFL season in September.
Between the March Madness and the football season, US bettors had smaller sporting events to wager on. Outside of the MLB, other options for bettors included – PGA Tour, NASCAR, ATP, and WTA tennis, UFC/MMA, and WNBA.
Besides, the US sportsbooks are benefiting from a rare activity: Olympics. The world’s foremost sports competition – the 2020 Summer Olympics – was scheduled to take place last year but eventually held this year due to the pandemic.
Virginia law had not allowed Olympic betting in the original legislation. But lawmakers ultimately fixed the issue recently.
FanDuel Grabbed 50% of Total Market Share
Only online mobile operators went live when Virginia sports betting launched in January. Casino sports betting is expected to follow in 2022.
Currently, seven sportsbooks are operating in the commonwealth, with FanDuel leading the industry from day one. The New York-based company was the first operator to get approval, thanks to its partnership with the Washington Football Team.
In a recent Lottery Board presentation, it was revealed FanDuel has accounted for nearly half of all wagering money in Old Dominion last month.
DraftKings was the second with 25.4%, followed by BetMGM (16.4%) in the seven-operator market. The other four operators are William Hill, BetRivers, WynnBET, and Unibet.
More operators are coming to Virginia in time for the NFL betting. Barstool Sportsbook and Golden Nugget may launch in August, while Bally Bet – which has also received a license – is expected to launch after these two.