Virginia Sports Betting Industry Hits $1 Billion Mark
The Virginia sports betting industry hits the $1 billion mark in betting handle since its launch. The milestone comes despite a slight drop in betting handle for the month of May. For those who want to be a bookie agent, the Virginia sports betting market is a reliable gauge when it comes to market growth and trends in gambling. Let’s take a closer look at the Virginia sports betting industry.
Virginia sportsbooks started taking in wagers back in January 21 of this year. May’s report gives is the fourth full month of sports betting data for sports betting software operators in the state. Currently, online sports betting is the only way for residents to place wagers. Brick and mortar sportsbooks will not be building until at least 2022. And since its launch in January up to the end of May, the total handle of the whole industry is at $1,092,137,212.
Virginia Sports Betting Industry
For May, the total sports betting handle is at $226.964 million. This is 4% lower than April’s $236.433 million. Meanwhile, revenue is at $15.663 million, which is 37.6% higher than that of April’s $11.380 million. As for taxes that the state collects from sportsbooks, May’s total is at $2.381 million, 44.1% higher than April’s $1.652 million.
Many states are actually hitting a slump in sports betting for May, but Virginia is one of the few who are not. They share the same fate as New Jersey, whose handle went up by 9% from April to May. Nevada and Colorado are also states with an increase in handle for May. The numbers are expected to be higher in June, especially with the peak of the current season of the NBA. You also have the Euro 2020, as well as other leagues popular to bettors like the MLB. You too, can earn a lot from running your own sportsbook. This is a good turnkey sports betting software solution highly recommended by many to help you get started.