Virginia Sports Betting Surpasses US $1bn In MayPublished July 24, 2021 by Sol FH
After a huge month, sports betting in Virginia passes $1bn putting the industry well into the green.
The difference between April to May 2021 with regards to sportsbetting revenue in the US state of Virginia was 37.7% as the industry pulled in $15.7m in May. The total handle since launching the industry in the state passed $1.0bn, despite a decline for the second month.
April was a decent month in Virginia, but May blew things back into the green with an $11.4m gain in gross revenue, which was also the biggest monthly total since the sportsbetting market opened in January 2021.
The total spend since the sports betting market launch is now more than $1bn, but Virginia's handle declined for the second month to $227.0m. This was a decline from April of 4.0% from $236.0m, which was the lowest full monthly total to date.
Tax Revenue Put to Good Use
It was a great month for the state and also for many punters as the total take for punters was $203.8m. The state generated $2.4m in tax revenue that can be used for a number of social and leisure projects that Virginia has said to be funding with iGaming tax revenue.
The General Fund Allocation is the recipient of some $2.3m in taxes, while the remaining $59,528 was given to the Problem Gambling Treatment and Support Fund Allocation.
With things looking up and even more major sporting events in the months of June and July, it will be interesting to see Virginia's numbers for the coming reports. The industry is booming since legalization and it doesn't seem to be slowing down anytime soon.
Online sports betting is growing all across the US and neighboring states that are still on the fence about regulating the industry are now, more than ever, warming up to the idea.