Virginia surpasses $1 billion in gross sports wagering revenue

Virginia surpasses $1 billion in gross sports wagering revenue

Article brief provided by SportsHandle
  • Chris Altruda, SportsHandle
July 5, 2023 3:30 PM
  • Chris Altruda, SportsHandle

Virginia became the seventh state in the post-PASPA era to surpass $1 billion in gross sports wagering operator revenue after the Virginia Lottery reported Friday that sportsbooks claimed $48.1 million in gross revenue for May.

Story continues below

The Old Dominion reached the milestone in 29 months of legal wagering after launching in late January 2021. Virginia joins New Jersey, New York, Nevada, Illinois, Pennsylvania, and Indiana in the $1 billion club, with the Hoosier State reaching the 10-figure mark in April.

Virginia has shown itself to be a state where the house performs consistently well. Its all-time hold on more than $10.4 billion handle is just over 9.6%, and operators statewide have had a win rate of 9.1% or higher for 10 months running.