Virginia sportsbooks report handle increase in June

Sportsbooks in the state of Virginia saw an increase in sports wagers for the month of June.

According to the latest figures from the Virginia Lottery, bettors in the state of Virginia wagered just under $235m on sporting events in June.

June’s handle was up 3.5% from the $227m wagered in the month of May. 

In terms of gross gaming revenue (GGR), sportsbooks in the state generated $22m in June, slightly down from the $23.2m generated in May.

After accounting for adjustments, the adjusted gross revenue (AGR) for June came to $14.9m, down from $15.7m the month prior. 

Sportsbook operators spent just under $5m on bonuses and promotional credits in June, while “other deductions amounted to $2.1m.

In June, legal sportsbook operators paid $2.3m in taxes to the state. Since the market launched, operators in the state have paid a combined $7.8m in taxes.

The report did not include individual operator performance, but the Virginia Lottery did note that seven licensed operators were included in June’s report.

These seven operators were FanDuel, DraftKings, BetMGM, BetRivers, Caesars, WynnBet and Unibet.

Virginia’s performance since launch

Since the market went live in January 2021, bettors in the state of Virginia have wagered a combined $1.3bn on sporting events with legal sportsbooks.

Turning to revenue, since launching, Virginia’s GGR currently sits at $107m while AGR is currently $49.3m.

So far, March has been the state’s best month for sports wagering after bettors wagered $304m on sporting events. This was likely bolstered thanks to the NCAA March Madness tournament.

However, for revenue, the state’s best month so far was in May, when sportsbooks in Virginia generated $15.7m in AGR.

Sports betting in Virginia

Sports betting in Virginia became legal in April 2020, when the state legislature approved two sports betting bills, authorising online sports betting. Under state law, up to 12 sports betting licenses are up for grabs.

Virginia’s betting market went live in January 2021 with the launch of FanDuel through a partnership with the Washington Football Team.

DraftKings, BetMGM, and BetRivers also launched their online sports betting products in the state in January.

Then in February, William Hill became the next operator to enter the market, followed by WynnBet.

Bally Bets, Barstool Sportsbook, and Golden Nugget all received approval to launch in March, however, none of them have launched their products in Virginia yet.