Virginia Sports Betting Revenue Hits Milestone With May Gains

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Virginia sports betting

Virginia sports betting posted annual handle gains in May. Bettors spent $403.7 million, a nearly 15% increase over the $351.4 million bet in May 2022.

Sportsbooks also saw an annual revenue boost with $48.1 million in May. That total is up from $42.5 million in VA sports betting revenue during the same month last year.

According to figures recently released by the Virginia Lottery, the state collected $6.2 million in May sports betting taxes.

VA sports betting joins billion ranks

Virginia sports betting eclipsed $1 billion in all-time revenue in May. It is the seventh state to reach the milestone:

Virginia launched legal sports betting in January 2021. It took 29 months to reach $1 billion in revenue. Indiana sports betting, by comparison, hit the milestone in April, 40 months after the first legal bets were accepted in the state.

New York sports betting, one of the largest legal markets in the country, took just 11 months to cross the billion-dollar threshold between January and November 2022.

Of the states to surpass the $1 billion revenue threshold, Virginia sportsbooks boast the highest lifetime win rate, or hold percentage, at 9.6% of all bets.

Growth, but for how long?

Virginia was one of a few states in May to show positive year-over-year handle growth. Right next door, North Carolina will launch online sports betting early next year. LSR projections point toward the Tar Heel State taking about 5% of Virginia’s market.

Both states are similarly sized. There are 8.7 million residents in Virginia and 10.1 million in North Carolina.

In 2022, Virginia’s second full year of sports betting, bettors wagered $4.9 billion. LSR projections suggest North Carolina sports betting handle could reach $6.8 billion by year two.