Virginia sports betting jumps by 25% in May

Finance News

The Virginia Lottery has released its report on sports wagering activity submitted by licensed operators for the month of May 2024. 

Between May 1 and May 31, 2024, Virginians wagered $505,594,450 (“handle”), 25.2% higher than last May.Virginia bettors won a total of $445,627,451 for a combined 11.86% operators win percentage.

The late-spring sports betting slump bit Virginia sportsbooks in a big way in May, with the Commonwealth reporting a double-digit percentage drop in wagering totals compared to the previous month.

Overall, Virginia sportsbooks took in a total handle of $505,594,450 in May, down 10.6% from April’s total of $563,495,540 in a month-over-month comparison. The May total was a 24.7% increase from May 2023’s sum of $403,719,160 in total sports wagers, according to the Virginia Department of Revenue.

As for revenue, Virginia sportsbooks experienced a smaller slide in May, dropping 1.3% month-over-month from $54,629,226 to $53,932,694, but again that was a major gain from one year before – a 26.8% increase compared to May 2023 ($42,547,380).

That smaller drop in revenue meant that the Commonwealth’s tax bill dropped 1.5% month-over-month, from $8,210,372 in April to $8,087,375 in May, while gaining 28.7% year-over-year from the $6,285,305 from 12 months earlier.

Through five months of the year, Virginia sportsbooks have taken in $2,885,885,350 in total handle, to go with $261,490,417 in revenue and $38,651,463 in tax money, Virginia Lottery figures indicate.