Published
FinancialSports Betting

Virginia’s sportsbooks betting volume jumps to $235m in June

Virginia’s sports betting volume grew for the first time in three months, while gross gaming revenue remained strong thanks in part to betting on sports such as golf and tennis.

virg newsntod

Virginia’s sportsbooks accepted $234.9m in wagers in June, up 4% from $227m in May, according to the latest data from the Virginia Lottery.

The June jump has helped push total gross gaming revenue past $100m since the market launched in January.

“Sportsbooks are capitalising on individual sports like golf, which are predominantly futures bets with significantly lower odds for bettors than more conventional bets on sports like football,” said Jessica Welman, analyst for the PlayUSA.com Network, which includes PlayVirginia.

“Those bets are particularly important during the summer when volume drops. And it puts sportsbooks in an excellent position as the football season nears.”

Sportsbooks in the state took in about $7.8m in wagers per day during June, up from $7.3m per day in May. June’s wagers produced $22m in gross gaming revenue, down 5% from $23.2m in May, but still the third-most since the market launched.

Virginia’s sportsbooks have now produced $107m in gross revenue since launch. But promotional credits have sapped the majority of the win, even as adjusted gross revenue has risen significantly over the last two months. In total, sportsbooks have produced $49.3m in adjusted gross revenue.

“The good news is that revenue is headed in the right direction, which ultimately benefits the state in the form of more tax revenue,” said Dann Stupp, analyst for PlayVirginia.com.  

FanDuel Sportsbook, the nation’s largest operator, has so far dominated the Virginia sports betting market, as stated in the Legal Sports Report, PlayVirginia’s sister site.

Premium+ Connections
Premium

Imagine Live

 
Premium

Galaxsys

 
Premium

GammaStack

 
Premium

RISK

 
Premium

Revsharks

 
Premium

Digitain

 
 
Premium

Sport Generate

 
Premium

Lynon

 
Premium

PIN-UP Partners

 
Premium

1xBet Partners

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...