{"id":1586613,"date":"2024-07-02T09:22:54","date_gmt":"2024-07-02T13:22:54","guid":{"rendered":"https:\/\/sports7.us\/?p=1586613"},"modified":"2024-07-02T09:22:54","modified_gmt":"2024-07-02T13:22:54","slug":"in-may-virginia-sportsbooks-stunned-the-public-with-60-million-in-revenue","status":"publish","type":"post","link":"https:\/\/sports7.us\/news\/in-may-virginia-sportsbooks-stunned-the-public-with-60-million-in-revenue\/","title":{"rendered":"In May, Virginia Sportsbooks stunned the public with $60 million in revenue"},"content":{"rendered":"<p><span style=\"font-weight: 400\">For May 2024, the Virginia Lottery reported nearly $60 million in gross sports betting revenue. Sportsbook operators had an 11.9% hold on the market. Additionally, revenue was up 24.6% compared to May 2023. That was slightly less than the 25.2% increase in the handle to $505.6 million. Their $60 million in gross sports betting revenue was the fifth-highest total in 41 months of legal wagering in Virginia. Six of the eight highest monthly revenue totals have come in the last nine months. Sportsbooks in Virginia have attained a double-digit hold 21 times, it\u2019s happened 12 times in the last 15 months. <\/span><\/p>\n<h2><b>Where was Virginia most profitable in May 2024? <\/b><\/h2>\n<p><span style=\"font-weight: 400\">In May 2024, the sports betting handle was up 25.2% compared to May 2023. However, it was 10.3% lower than the $563.5 million from April 2024. Revenue was down just 1% compared to April. Through the first five months of 2024, Virginia has collected $2.9 billion worth of wagers. That is 26.8% higher than this time last year. Gross revenue had a 22.3% rise to $292.6 million. Additionally, there was $6 million in total deductions reported by sportsbook operators. However, only $11,750 of that originated from promotional credits and bonuses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Betr and SuperBook are the only sports betting apps in Virginia that are eligible to deduct offers. In the first five months of 2024, AGR is up 31.7%. Promotional deductions are down 82.9% with spending at $1.7 million. Virginia\u2019s 14 mobile sportsbooks accounted for $59.5 million in gross winnings. That was an 11.9% hold on $501.4 million worth of wagers. Their three brick-and-mortar casinos collected $432,000 from a $4.2 million handle. Good rough for a 10.2$ hold on the market. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For May 2024, the Virginia Lottery reported nearly $60 million in gross sports betting revenue. Sportsbook operators had an 11.9% hold on the market. Additionally, revenue was up 24.6% compared to May 2023. That was slightly less than the 25.2% increase in the handle to $505.6 million. Their $60 million in gross sports betting revenue [&hellip;]<\/p>\n","protected":false},"author":304,"featured_media":1586614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[447316],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>In May, Virginia Sportsbooks stunned the public with $60 million in revenue<\/title>\n<meta name=\"description\" content=\"In May 2024, Virginia Sportsbooks stunned the public with $60 million in revenue, up 24.6% compared to May 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sports7.us\/news\/in-may-virginia-sportsbooks-stunned-the-public-with-60-million-in-revenue\/\" \/>\n<meta property=\"og:locale\" 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