[ad_1]
Old Dominion Sports Betting Operators Bring in $59.5 Million in Revenue, Surpass $500 Million in Handle for Ninth Consecutive Month

Old Dominion sports betting operators in Virginia are celebrating another successful month in May, generating $59.5 million in revenue on a handle of $505.6 million. This marks the ninth consecutive month that the state has surpassed $500 million in handle, with a hold rate of 11.9%, the highest win rate of 2024 so far. The revenue increase in May can be attributed to the NBA and NHL playoffs, as well as MLB games providing ample betting action.

Online sports betting accounted for 99% of the state’s handle, while retail sportsbooks saw a nearly 300% increase in gross revenue month-over-month to $432,154 on a handle of $4.2 million. The Virginia Lottery also reported that the state’s three land-based casinos brought in $62.7 million in adjusted gaming revenue in May, with profits rising nearly 4% month-over-month. Rivers Casino Portsmouth led the way with nearly $27 million in casino revenue, followed by Caesars Virginia and HR Bristol.

Old Dominion collected $8.1 million in tax revenue from the sports betting operators, while the casinos contributed $11.3 million in tax revenue. Despite a 10% drop in dollars wagered from April, May’s profits were nearly equal to the previous month, indicating a strong performance in the state’s gambling industry. With a record-breaking streak of $500 million handles for nine months in a row, Virginia’s sports betting market remains a robust and reliable source of revenue for the state.

Source
Photo credit www.covers.com