Old Dominion bettors are having a tough time beating the sportsbooks.
The Virginia Lottery reported sports betting gross revenue of $45.9 million on a $415.4 million handle in June, giving operators an 11% hold. It marked the third consecutive month with a double-digit win rate.
Sportsbooks also enjoyed a 39.3% increase in gross revenue compared to June 2023. The latest handle rose 27.6% year-over-year.
However, with the NBA and NHL not providing as many big playoff games and MLB and tournament soccer carrying a load in June, profits fell 24% while the amount wagered dropped nearly 18% month-over-month.
Ten operators reported net gains in adjusted gross revenue, which reached $40.5 million and led to $6.2 million of tax revenue.
Allowable bonuses and promotions were down about $1,000 compared to the previous month. “Other deductions” fell more than $1 million to $5 million in June.
| Online | Retail | |
|---|---|---|
| Sports betting handle | $413 million | $2.4 million |
| Adjusted gross revenue | $45.2 million | $256,300 |
Ahead of schedule
Virginia’s 15% tax rate on sports betting operators has produced $45 million for Old Dominion in the first half of 2024. That’s up more than $10 million from this time last year.
Sportsbooks have hauled in $3.32 billion at the halfway point, producing $338.1 million in gross revenue, up 25% year-over-year.
Online sports betting accounted for $413 million of the total handle in June, running the year-to-date figure up to $3.29 billion. Retail sportsbooks generated $2.4 million in June wagers, down from the $4.2 million in May. The year-to-date total crossed $28 million after the first six months.
Casino profits slip
The Virginia Lottery also reported that the state's three land-based casinos produced $59.5 million of revenue in June, down 5.1% month-over-month.
Slots accounted for $44 million while table games generated $15.5 million in casino profits. Rivers Casino Portsmouth hauled in the most revenue with $25.9 million, a slight decrease from the $27 million produced in May.
Caesars Virginia hauled in $19.2 million in June while Hard Rock Bristol produced $14.3 million in profits to help Old Dominion fill its coffers with $10.7 million in monthly tax revenue.
