Virginia’s sports betting market saw a 25% increase in May, according to data from Gaming Intelligence. The state’s sportsbooks brought in a total handle of $236.4 million for the month, up from $187.2 million in April.
The increase in betting activity can be attributed to the wide range of sporting events taking place in May, including the NBA and NHL playoffs, as well as the MLB regular season. Additionally, the continued expansion of online sports betting platforms in Virginia likely played a role in the uptick in wagering activity.
Despite the increase in handle, Virginia’s sportsbooks reported a drop in revenue for May. The total revenue for the month was $15.8 million, down from $26 million in April. This decrease in revenue can be attributed to a higher payout rate for sportsbooks, as well as increased promotional offers and bonuses for bettors.
Overall, Virginia’s sports betting market continues to show strong growth since launching in January 2021. The state has seen consistent increases in betting handle each month, with May’s 25% jump being the most significant to date.
With more sporting events scheduled for the summer months, including the NBA Finals and the Tokyo Olympics, it is anticipated that Virginia’s sports betting market will continue to see growth in the coming months. As more online sportsbooks enter the market and offer competitive promotions, Virginia residents can expect to have a variety of options for placing their bets on their favorite sports.
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