Virginia handle reaches $1bn in 4 months of sports betting

Sports bets have passed the $1bn mark in Virginia.
Sports bets have passed the $1bn mark in Virginia.

Virginia has become the quickest state in the US to reach $1bn in bets, four months after legalising sports betting.

US.- Despite a drop in bets in May, Virginia has become the quickest US state to reach $1bn in sports betting wagers. It crossed the milestone in May, four months after the licensed market went live.

The fastest state to reach the $1bn mark until now had been Tennessee, which hit a $1bn in bets six months after launching sports betting.

According to analyst, Jessica Welman, the timing in Virgina was perfect for a strong launch of the market as Virginia launched sports betting just before the Super Bowl.

She said: “The launch of sports betting in Virginia has gone about as smoothly as could have been expected. 

“Launching just in time for the Super Bowl got the market off on the right foot. But the state’s sportsbooks still reached the $1bn milestone mostly without the benefit of football and during two months when sports betting typically slows. That makes the record all the more impressive.” 

Figures released by the Virginia Lottery show that in May $277m in wagers were placed, down from $236.4m in April. The figure equates to $7.3m wagers a day, down from $7.9m in April. The drop is in line with other states as April and May are historically two of the slowest sports betting months.

Gross gaming revenue increased by 19 per cent month-on-month to $23.2m. Adjusted gross revenue increased to $15.7m from April’s $13.8m. May’s saw sports betting contribute $2.4m in state taxes, including $59,527 for problem gambling support.  

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