Virginia saw gross gaming revenue increase by 19 per cent, marking an impressive month for the state in which it also became the quickest to reach $1bn in sports bets.
Wagers in May produced £23.2m in GGR, compared to $19.4m in April. Adjusted GGR also rose to 15.7m from 13.8m the month previous, which yielded £2.4m in state taxes, including $59.527 for problem gambling support.
Since launch, sportsbooks have generated $85m in gross gaming revenue and $5.6m in state taxes.
Moreover, recording $1.1bn in wagers in just over four months after launching, PlayVirginia – which tracks the state’s gaming market – noted the record is the “latest sign of how successful” the launch of sports betting has been for the Commonwealth.
Jessica Welman, analyst for the PlayUSA.com Network, which includes PlayVirginia, explained: “The launch of sports betting in Virginia has gone about as smoothly as could have been expected.
“Launching just in time for the Super Bowl got the market off on the right foot. But the state’s sportsbooks still reached the $1bn milestone mostly without the benefit of football and during two months when sports betting typically slows. That makes the record all the more impressive.”
Virginia bettors placed $227.0m in wagers in May, down from $236.4m in April, according to data released on Thursday by The Virginia Lottery. Equating to $7.3m in wagers poured in each day over the 31 days of May, down from $7.9m per day over the 30 days in April.
May’s four per cent decline in wagering is in line with what most major US sports betting markets have experienced in April and May, historically two of the slowest sports betting months of the year.
“The state’s best month came in March, exacerbating the slowdown, but Virginia is managing the offseason about as well as a young market could hope,” said Dann Stupp, analyst for PlayVirginia.com. “The playoff appearances by the Washington Wizards and Capitals in May were a help. But without a significant local draw over the next few months, sportsbooks will have to be innovative to keep bettors engaged.”
