The Virginia Lottery has reported its lowest VI sports betting handle in calendar year 2023 with $325.4 million taken in wagers in June 2023.

It marks a 19.4% decrease month-over-month from $403.7 million taken in May. It is, however, a 10% increase on June 2022’s $295.2 million.

The traditional US sports betting cycle and sports fixture calendar dictates June is often a slower month for operators. In 2022, only July reported lower handle than June – so for those expecting a large rebound there may still be a wait until August as the beginning of the NFL season edges closer.

Online and mobile operators took practically all wagers (98.9%), taking $322 million. Virginia retail sports betting operators took just $3.3 million. The state achieved a hold of 10% for the month of June, down from 11.9% in May but broadly consistent with the hold achieved in calendar year 2023.

What happened to VI adjusted gross revenue?

With regards to adjusted gross revenue, Virginia Lottery reported $26.4 million, down 37.9% from $42.5 million in May but once again up significantly from June 2022’s ($12.9 million). Virginia’s 2022 statistics of nearly $500 million gross revenue saw the state surpass Nevada and several other states to become the sixth largest legal sports wagering market in the United States following its first full year of commercial operations.

What does the Virginia gambling landscape look like?

Virginia’s gambling market is almost in its infancy, with the state’s first temporary casino facility opening in 2022. There are now three operational casinos, two being temporary and one permanent. By the end of the year there are expected to be five land-based commercial casino properties. Once the casinos are operational, they are authorized to operate retail sportsbooks automatically.

With the rapid growth of sports betting and keen appetite for land based casinos, commercial lobbyists will be looking to gather momentum for potential VI iGaming legalization in upcoming legislative sessions.