The state of Virginia has become the quickest to reach $1bn in sports bets, reaching the milestone figure even though wagers fell during May.
The state reached the total just four months after launching, beating Tennessee’s record of hitting $1bn after six months.
PlayUSA.com Analyst, Jessica Welman, said: “The launch of sports betting in Virginia has gone about as smoothly as could have been expected.
“Launching just in time for the Super Bowl got the market off on the right foot. But the state’s sportsbooks still reached the $1bn milestone mostly without the benefit of football and during two months when sports betting typically slows. That makes the record all the more impressive.”
Data from the Virginia Lottery shows that, in May, $277m in wagers were placed – which is down from $236.4m in April.
During the 31 days of May, there were $7.3m in wagers every day, down from $7.9m in daily wagers for April.
On the other hand, gross gaming revenue increased by 19% month-over-month, as May wagers produced revenue of $23.2m.
Similarly, adjusted gross revenue increased to $15.7m from April’s $13.8m; May’s amount produced $2.4m in state taxes, including $59,527 for problem gambling support.
Overall, Virginia’s decline in wagering is consistent with the decline reported in other states, as April and May are historically two of the slowest sports betting months of the year.
PlayVirginia.com Analyst, Dann Stupp, added: “The state’s best month came in March, exacerbating the slowdown, but Virginia is managing the offseason about as well as a young market could hope.
“The playoff appearances by the Washington Wizards and Capitals in May were a help. But without a significant local draw over the next few months, sportsbooks will have to be innovative to keep bettors engaged.”