Posted on Sunday, August 1, 2021 at 5:49 p. m.
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The volume of sports in Virginia increased for the first time in 3 months, while gross game revenue remained strong thanks to the betting component in sports such as golf and tennis.
June’s jump helped push overall gross gaming earnings to more than $100 million since market launch, an impressive milestone for the Commonwealth, according to PlayVirginia, which tracks the state-owned gaming market.
“Sports betting capitalizes on individual sports like golf, which are typically early bets with particularly low odds for bettors than more traditional bets in sports like soccer,” said Jessica Welman, an analyst with the PlayUSA. com network, which includes PlayVirginia. “These bets are especially vital during the summer, when the volume drops, and that puts sports betting in a perfect position as the football season approaches. “
Virginia Sports accepted $234. 9 million in bets in June, up 3. 5% from May’s $227. 0 million, according to knowledge released Friday through the Virginia Lottery. $7. 3 million consistent with the day of May.
June bets generated $22. 0 million in gross gaming profits, down 5% from May’s $23. 2 million, but remain the third-highest level since the market introduced in January. Adjusted gross profit reached $14. 9 million, down from the $15. 7 million mark reached in May. $2. 3 million in government taxes, adding $56,850 per challenge game.
Virginia Sports has now generated $107. 0 million in gross profit since its launch, but promotional credits have undermined most of the profits, even though the source of adjusted gross profit has increased particularly over the subsequent two months. gross profit.
“The good news is that revenue is going in the right direction, which ultimately benefits the state in the form of more tax revenue,” said Dann Stupp, an analyst at PlayVirginia. com. “However, an increase in promotion expenses is to be expected in the football season. This may mitigate the effects of the volume increase that will occur this autumn. “
FanDuel Sportsbook, the country’s largest operator, has so far governed the sports betting market in Virginia, according to research by Legal Sports Report, playVirginia’s sister site. FanDuel has generated $656. 9 million in bets since the launch of the betting market from Jan. 21 to June, according to LSR estimates. This represents 49. 5% of the $1. 3 billion in bets made in Virginia this period. FanDuel’s promotional expenses were estimated at $19. 6 million during this period, through the highest of any operator.
Rival DraftKings ended up with $337. 1 million in betting, or 25. 4% of the state total, but DraftKings’ promotional expenses amounted to $10. 0 million during that period, nearly a portion of FanDuel’s.
Leaders followed by:
“A near-part market place percentage is an incredibly strong position for FanDuel,” Stupp said. “Surprisingly, FanDuel’s overall market share has declined since March. The question is whether competing operators can continue to erode FanDuel’s position, even if the hole is far away. too giant for any operator to fill. “
For more data and research on regulated sports in Virginia, visit PlayVirginia. com/revenue.
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