Virginia betting revenue bounces back in May as spending surpasses $1bn

| By Robert Fletcher
Sports betting revenue in Virginia increased 37.7% month-on-month to $15.7m (£11.4m/€13.3m) in May, while total handle since launch passed $1.0bn despite a second month of decline.
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Adjusted gross revenue was up from $11.4m in April and was also the highest monthly total since the market opened on January 21.

While more than $1.0bn has now been spent on sports betting since launch, the state’s handle declined for the second consecutive month to $227.0m. This was down 4.0% from $236.4m in April and the lowest full monthly total to date.

Players won a total of $203.8m from sports betting in May, while the state generated $2.4m in taxes.

Some $2.3m of tax collected in May was distributed to the General Fund Allocation, while the remaining $59,528 wase sent to the Problem Gambling Treatment and Support Fund Allocation.

Read the full story on iGB North America.

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