The Virginia Lottery reported gross sports betting revenue of close to $60 million for May on Monday as operators pounded the public to the tune of an 11.9% hold.
Revenue was up 24.6% compared to May 2023, slightly lagging behind the 25.2% increase in handle to $505.6 million as this year’s win rate was almost one-tenth of a percentage point lower. It was the fifth-highest total in 41 months of wagering in the Old Dominion, and six of the eight highest monthly revenue totals have occurred in the last nine months. Virginia sportsbooks have attained a double-digit hold on 21 occasions, including 12 times in the last 15 months.
The state was eligible to levy its 15% tax on $53.9 million in adjusted gross revenue, resulting in an inflow of almost $8.1 million into its coffers. 11 operators finished with positive AGR for May, making them eligible to pay taxes.
Promo Spend Still Light From Betr, SuperBook
Running May Top 10 #SportsBetting handles by state: