According to the latest PlayVirginia report, Virginia sportsbooks snap losing streak in June. The state’s sports betting handle increased after two months of declines. Also, gross gaming revenue increased as players wagered on tennis and golf.
The increase in June helped the state’s gross gaming revenue to reach the $100-million milestone. It was another significant milestone for the state. In June, sportsbooks made a killing on individual sports such as golf. Also, most wagers are future bets with lower odds for players than betting on football and other team games.
According to PayPerHead reports, future bets are vital in summer when the sports betting volume decreases. Also, it puts the sports betting platforms in a good position before the start of the football season. The Detroit Lions partner with Wynn Bet before the beginning of the season. It is the most recent partnership between a pro team and a sportsbook.
Virginia Sportsbooks Snap Losing Streak
Virginia sportsbooks received $235 million in bets in June. It was an increase of 3.5 percent. It was up from $227 million in May. Also, sportsbooks got $7.8 million in bets daily in June. It was an increase from $7.5 million daily in May.
According to the best pay per head sportsbook, sportsbooks made a gross gaming revenue of $22 million. It was a decrease of five percent from $23 million in May. However, it is the third most GGR since the state launched sports betting in January.
Adjusted gross revenue was $15 million. It was lower than the $15.7 million earned in May. The state received $2.3 million in taxes that include around $57,000 for problem gambling treatment.
At present, Virginia sportsbooks have produced $107 million in gross revenue since January. However, promo credits lowered the total wins. The good news is the adjusted gross revenue increased significantly over the last two months.
