In further evidence that football is king, sports betting revenue numbers are down across the U.S., including in Virginia, with the June 2024 total registering as the lowest-earning month of the year.
However, the total revenue, principally driven by Virginia online sports betting, is nearly 28% higher than the previous June’s total.
VA dips below $500M in total bet spend for first time in nine months
The Virginia Lottery reported $415,360,427 of total bet spending (handle) for June — making it the first month in 2024 that Virginia sports betting revenue hasn’t topped $500 million. That’s also the lowest total since August 2023, before the state went on a nine-month string of surpassing the $500 million milestone.
Virginia still fared better than the nation as a whole. According to Legal Sports Report, June 2024’s revenue among all states where sports betting is legal eclipsed $6.1 billion — a far cry from May’s $11 billion-plus haul and far off March’s 2024 high-water mark of $13.9 billion and the all-time best month, in November 2023, of nearly $14.5 billion.
The Virginia numbers included $369,869,678 paid out to bettors, for a combined 10.95% operators’ win percentage (or hold).
VA sports betting apps drive year-over-year increase in gaming revenue
Nearly $413 million came from sports betting apps, whereas Virginia’s casinos accounted for close to $2.4 million of revenue. On the whole, June 2024 numbers were 27.6% higher than for June 2023.
The resulting tax revenue topped $6.2 million, with a little more than $155,000 going to the Problem Gambling Treatment and Support Fund Allocation, with the rest going to the general state fund.
Revenue growth on the horizon
While June’s numbers might have been disappointing, there are some promising developments on the horizon that should lift Virginia’s revenue in the months to come.
First, football season is just around the corner. Despite a summer dominated by the Olympics and several high-profile soccer tournaments, college and pro football dominate the Virginia betting landscape.
As shown in this pie chart from the first half of last year, pure football bets produced 10% of all bets Jan.-Sept. even though it was only played in two of those months.
And then, on the in-person sportsbook front, new permanent casinos in Danville and Bristol, replacing the existing temporary operated by Caesars and Hard Rock respectively, will certainly give a visibility boost to sports wagering at those locations. Plus, the vote on a new casino in Petersburg and a high-profile project planned there should keep gambling front and center for Virginians in the coming months.
