Virginia’s sports wagering revenues declined in June, compared to previous months, marking the start of the traditional “summer slide” before pro and college football returns this fall.
Betting activities totaled over $415.36 million for the month, a nearly 18% drop from the $505.59 million reported in May, according to a new report from the Virginia Lottery.
June’s total was the lowest since last September but was about $90 million more than was wagered in June 2023, previous figures show.
“Virginia is experiencing the classic mid-summer sports betting slump. Reporting a 17.8% drop in total handle size in June, bettors only wagered $415.3M during the past month. This doesn’t by any means suggest that Virginia coffers should be alarmed, but just that this is the natural cycle of a healthy sports betting market,” according to BetVirginia.com analyst Steve Bittenbender.
Virginians wagered more than $3.31 billion during the first six months of 2024, a 27% increase over the $2.613 billion wagered during the first six months of 2023.
Mobile operators continue being the preferred betting choice, representing 99% of sporting wagers placed. Casino sportsbooks reported $2.38 million in wagers during June, a nearly 50% decline compared to May.
Gross winnings totaled $369.86 million. Interestingly, casino sports books had a higher rate of return, with $2.12 million in winnings on $2.38 million wagered compared to $367.7 million in winnings on mobile applications which reported $412.9 million in gross revenues.
For the first six months of 2024, sports wagering delivered $2.97 billion in winnings, a comparable 27% increase over $2.34 billion during the prior year.
Adjusted gaming revenues – wagers minus winnings – for Virginia’s licensed operators totaled $40.47 million, a 10.95% hold. That represents a 53% increase over the $26.43 million reported in June 2023 but a 33% decline from the $53.9 million recorded in May.
Ten of the state’s operators reported net positive adjusted gaming revenue, generating $6.21 million in tax revenue. That is a 58% increase over the $3.93 million reported in June 2023.
Through the first six months of 2024, sports gaming has generated more than $45 million in tax revenues for the state. For comparison that is more than all of 2022, the first year sports betting was legal in Virginia and $10 million more than during the first six months of 2023, historic lottery figures show.
