Old Dominion sports betting operators built off of April’s revenue success with another huge month off the backs of the bettors in May.
The Virginia Lottery announced that the 14 online operators and three retail sportsbooks combined to produce $59.5 million of monthly gross revenue on a handle of $505.6 million.
The 11.9% hold in May was the biggest win rate of 2024 and even better than the 10.8% from the previous month.
With NBA and NHL playoffs and MLB likely providing the bulk of the action, Virginia’s sports betting revenue rose nearly 25% compared to May 2023 to delay the summer slowdown. May profits nearly equaled April’s $60.6 million despite a 10% month-over-month drop in dollars wagered.
Old Dominion hauled in $8.1 million from the 15% tax rate on the operators’ $53.9 million of adjusted revenue. Allowable bonuses and promotions totaled less than $12,000 for the second consecutive month, but “other deductions” went over $6 million in May.
| Online (May) | Retail | |
|---|---|---|
| Sports betting handle | $501,350,129 | $4,244,320 |
| Adjusted gross revenue | $59,534,844 | $432,154 |
Retail jumps nearly 300%
The amount wagered in May was up 25.2% year-over-year and increased a run of $500 million handles that began at the beginning of last football season to nine months, the longest streak since sports betting launched in January 2021.
While online Virginia sports betting accounted for 99% of the state’s overall handle, retail sportsbooks enjoyed a nice surge in May.
Virginia’s three brick-and-mortar shops saw a nearly 300% gross revenue increase month-over-month to $432,154 on a handle of just over $4.2 million which was up just 1.4% month-over-month.
Casino revenue slightly increases
The Virginia Lottery also reported that $62.7 million of adjusted gaming revenue was produced by the state’s three land-based casinos in May. Profits rose nearly 4% month-over-month.
Revenue from slot and table games reached $60 million for the fourth time year-to-date.
Rivers Casino Portsmouth hauled in nearly $27 million in casino revenue in May while Caesars Virginia’s $20.3 million was good enough for second. HR Bristol produced $15.5 million as all three casinos saw slight month-over-month increases.
The Commonwealth filled its coffers with $11.3 million in tax revenue from the slot and table-game establishments.
