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In a stunning month for sports betting operators in Virginia, they earned $60 million in adjusted gross revenue in May, a significant increase compared to $42.5 million in May 2023. Bettors in the state placed $505.6 million in wagers, showing a 25.2% boost from the previous year.

While handle and revenue were down in May compared to April, this was expected due to the US sports calendar. The NCAA basketball semifinals and finals took place in April, driving higher activity. The start of the postseason in the NBA and NHL, along with regular-season baseball, also contributed to the betting volume in May.

Virginia wagering operators maintained an 11.9% win rate, continuing a trend of double-digit holds. The state collected $53.6 million in taxes from the total adjusted gross revenue, with $8.1 million going to tax revenue and $202,184 towards problem and responsible gaming initiatives. Only two operators, Betr and Fanatics, are eligible for promotional writeoffs, following changes in regulations in June 2022.

The Virginia Lottery does not provide a breakdown of sports betting reports by operator or sport, but reported that 11 out of 14 live operators had positive adjusted gross revenue in May. Virginia is the ninth-largest US state by population with legal online sports betting, with New Jersey being the next largest state in terms of betting activity. In May, New Jersey saw bettors wager $801.5 million, generating gross gaming revenue of $78.8 million.

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