RICHMOND, Va. (WAVY) — Sports betting, mobile sports betting and tax revenue from sports betting in June is up from the previous year’s levels, but is still down significantly from the previous month.
In Virginia, people wagered about $325.5 million in June, which is up 10.2% from the same period a year ago ($295.2 million), but down 19.4% from May ($403.7 million).
In June, mobile sports betting in Virginia totaled about $322.1 million, up 9.1% from June 2022 ($295.2 million) but down 19.5% from May ($400 million).
Sports betting adjusted gross revenue in June was $26.4 million, up 103.6% from June 2022 ($13 million), but down 37.9% from May ($42.5 million), while sports betting taxes in June were up 110.5% from the same period a year ago ($1.9 million), but down 37.3% from May ($6.3 million).
BetVirginia.com analyst Dru James said Virginia “was no exception to the June swoon, … but “is on par with the national market for the month, which is still suffering from the summer’s bare sports calendar.”
However, he said that the year-over-year increases in the total amount of money wagered overall and via mobile during the slow season “is a much stronger indicator of market health.”
There was also year-over-year growth in revenue and taxes, even as month-to-month totals were down more than 35%.
Next month does not look promising, James said.
“July will likely be another month of losses,” James said, “but to a smaller margin than the past few months. After that, numbers should go up as sports return in August and September and more betting opportunities arise.”
Note: The full report, Understanding Virginia Sports Betting Handle and Revenue, is expected to be available soon at betvirginia.com.
