Virginia Sports Betting Revenue Hits Four-Month-High in May

by Blake Roberts, July 09, 2025

In May, Virginia’s adjusted gross revenue from sports betting reached a four-month high of $67.9 million, marking year-over-year growth in the state’s regulated market.

Monthly Revenue Surpassed the Previous Year by 26.0%

In May 2025, Virginia’s regulated sports betting market delivered another strong performance, posting $67.9 million in adjusted gross revenue—the highest figure since January.

Virginia Lottery figures reveal this is 26% higher than May 2024 and 21% above April 2025. These figures show the steady momentum of the state’s expanding sportswagering sector.

“Virginia’s sports betting market continues to demonstrate robust growth. “This milestone reflects strong consumer engagement, especially in the mobile betting sector, and highlights the expanding impact of regulated sports wagering on the state’s economy and public services.”

-Virginia Lottery spokesperson

Online betting continued to lead the market, generating $67.4 million of the total adjusted gross revenue. Retail sportsbooks contributed $467,259, showing the strong consumer preference for mobile and digital betting platforms. Altogether, 14 licensed mobile operators and three retail locations accepted bets during the month.

The total handle for May reached $595.0 million, marking a 17.7% year-over-year increase, despite a 2.4% decline from April’s $609.7 million. Online operators were responsible for $589.9 million of the wagers, while retail sportsbooks contributed $5.2 million.

The hold rate, which is the percentage of wagers retained by operators as revenue, stood at 11.41%. This number often varies based on betting results, promotional activity, and player behavior. Despite a slight dip in total handle from April, the rise in revenue shows that operators probably experienced stronger margins or reduced promotional costs.

Winnings and Payouts

According to the report, Virginia bettors collected $522.6 million in winnings during May. While the Virginia Lottery does not publish operator-specific revenue figures, the aggregate data indicates continued strong consumer participation and high betting volume. The payout levels, alongside the hold rate, suggest a relatively stable and consistent market landscape.

The state generated $10.2 million in tax revenue in May from sports betting. Of that amount, $9.9 million was allocated to Virginia’s General Fund to support various public services. At the same time, $253,998 was directed to the Problem Gambling Treatment and Support Fund, which assists those affected by gambling-related issues.

Since the launch of legal sports betting in January 2021, Virginia’s market has shown steady growth. Mobile operators continue to make up the majority of revenue, indicating a broader trend driven by the demand for convenience and accessibility.

Basketball drives betting trends

The NBA Playoffs played a key role in boosting operator revenue, with industry trends indicating that Virginia sportsbooks mirrored the nationwide pattern of strong postseason performance. Over the past three months, gross profit totaled $185.9 million, a 10.5% increase compared to the same period in 2024, despite a dip in March during the NCAA tournament.