Virginia had a terrific month of sports betting in May, with the latest Virginia Lottery revenue report reflecting significant year-over-year growth.
Legal sportsbooks in the Old Dominion increased their betting handle by 17.7% and adjusted gross revenue by 25.9% year-over-year. The 12.2% hold was also the highest in nearly three months.
All of that came despite handle at Virginia sportsbooks falling below $600 million for just the second month in 2025.
Sports betting continues to flourish
This week's report from Virginia’s gaming regulator affirmed the state’s ascension in the national gambling scene.
Bettors won $522.6 million in revenue from a $595 million handle, which resulted in $67.9 million in adjusted gross revenue (AGR) for the state’s 14 regulated online and three retail sportsbooks.
Mobile sportsbook operators provided most of the total, reporting $589.9 million in accepted wagers and $67.4 million in AGR. That left casinos with a $5.2 million handle and $467,259 in AGR from sports betting.
Thirteen operators reported net positive AGR during May. Total tax contributions reached $10.2 million based on the state’s 15% tax, with 97.5% ($9.9 million) of that going to the General Fund Allocation. The remaining 2.5% ($253,997.85) was sent to the Problem Gambling Treatment and Support Fund Allocation.
Virginia finished 2024 with the ninth-highest handle among all legal US sports betting states ($6.9 billion). Its continued growth is a positive sign for its future as a preeminent gaming destination.
Unfortunately for operators, the upcoming months will likely produce lower revenue and handle totals. That’s because the conclusion of the NBA Finals and Stanley Cup Final means that until the NFL preseason begins on July 31, the only full-time major professional sport in session will be Major League Baseball.
Casinos also fare well in May
Sports betting wasn’t the only Virginia gambling market that sparkled in May. The state's three casinos also performed very well.
Virginia casinos posted positive sportsbook AGR after falling nearly $500,000 in the red in April. They also produced $85.4 million in revenue from table games and slot machines, about an 8.5% increase from the $78.7 million reported in April.
Casino gaming revenue generated $15.4 million in tax funding, which will rise when casinos in Norfolk and Petersburg come online in the near future.
Caesars Virginia in Danville performed the best of the casinos, reporting $34 million in AGR. Rivers Casino Portsmouth was second at $28.3 million, followed by Hard Rock Bristol at $23 million.
There had been talks about building a casino in Tysons Corner in Northern Virginia, but those plans were quickly extinguished.
Supporters argued the state was losing millions in potential tax funding to the MGM National Harbor in Oxon Hill, MD, just across the Potomac River. Critics pointed to security concerns and fears that a casino would drive other affluent businesses out of the area.