Virginia sees lowest sports betting level since August with $295M in handle during June

As reported by the Virginia Lottery, June sports betting in the state was at the lowest level since last August with $295.2 million wagered and $269.2 million won. The total amount bet dropped by $56 million compared to May, and was more than $100 million less than April's handle, amid an expected summer slump.

Virginians wagered an average of $9.84 million per day between June 1 and June 30. The total represents a 25% increase over June 2021, when only seven operators were active: the state currently has 13 licensed sportsbook operators. 

Bettors won more than $269.27 million for a combined 8.79% operators winning percentage. Adjusted gross revenues for the month totaled $12.98 million. Seven operators reported net positive adjusted gross revenue for June.

Bettors have wagered more than $5.62 billion since online sports betting became legal in January 2021, with gross winnings totaling $5.13 billion since its inception. As for June, sports wagering generated $1.87 million in taxes, bringing the total collected to $35.5 million since January 2021, according to the Lottery.

The state’s first retail sportsbook, located at the Bristol Casino, future home of Hard Rock, opened last month. It is expected that the next figures released by the regulator will reflect this addition. 

Virginia lawmakers approved sports betting in 2020, at the same time that they legalized casinos for five cities that were struggling financially. Betting on college and universities in Virginia remains illegal. The first wagers were placed in January 2021, with the number of companies to receive permits for mobile sports betting set at 12.