Sports betting hits four-month high regarding revenue in Virginia
BonusFinder, a casino bonus comparison site, has broken down Virginia’s latest revenue report – reflecting yet another month of significant growth in the sports betting market, as May saw adjusted gross revenue (AGR) of $67.9m generated for both online and land-based Virginia operators.
Sports betting AGR reached a four-month high in May, showing an impressive increase of 25.9% in revenue year-over-year (YoY), reflecting strong growth in the regulated Virginia reported sports betting market.
This news comes following a promising April, where sports betting handle rose 8.2% year-on-year in the state.
Furthermore, compared to May 2024, the rise in handle was a staggering 17.7%, showing just how much progress has been made in this area.
It wasn’t just the sports betting market which had Virginia booming in May, as the state’s three casinos also posted $85.4m in gaming revenue throughout the month, up 36.2% YoY.
Data released by the Virginia Lottery showed that robust performances by the state’s three land-based gaming properties was at the forefront of this record month.
In this gambling report, we take a deeper look into both the casino and sports betting markets to see exactly what is going right for Virginia right now.
Virginia’s casino industry is booming right now
Starting off with the casino industry, Virginia’s three gaming properties showed improvements across the board, with table and slot games carrying on momentum built in April.
Hard Rock Hotel & Casino Bristol
Hard Rock Hotel & Casino saw its strongest month to date in May, generating $23m in AGR over the course of the entire month.
Compared to April, this was a 9.4% increase in revenue, and was an astounding 48.9% increase when compared to the same period last year.
Aided by 1,423 slot machines and 73 table games, this site saw performances of both improve on previous months. Indeed, slot revenue reached $18.7m – up from March’s record $17.3m.
Whereas table games accounted for $4.3m – going on to surpass the $3.98m recorded in March – as both modes performed fantastically well.
Rivers Casino Portsmouth
This site recorded a monthly record of $28.3m in AGR, which was slightly higher than March’s peak of $27.8m.
The casino’s 1,419 slots accounted for $20m AGR, while the 84 table games contributed around $8.3m.
Caesars Virginia
Caesars Virginia is the largest casino in the state, but in May, it did report a small 5.4% decline in AGR compared to the March peak.
Despite this slight decline in AGR – compared to the casino’s best month – Caesars Virginia did remain the highest earner among the three operational casinos.
Total revenue of $34.1m was recorded, down from $35.9m and it isn’t anything to worry about. When divided, Caesars made $24.8m in revenue from slots and $9.3m from table games.
The main reason for the dip could be attributed to a slowdown in activity at the 100-table game operation. The fact that this site is the highest earner among all three casinos proves that this dip is only temporary.
Overall, the three operating casinos – Hard Rock Bristol, Rivers Casino Portsmouth, and Caesars Virginia – surpassed all expectations in May, generating a combined AGR of $85.4m, narrowly beating the previous record of $85.2m in March this year.
With casinos seeing a record-breaking month in May, just how did the sports betting handle perform during the same time period?
Virginia bettors win a record-breaking amount in May
The online betting sphere was by far the most lucrative for the state, with $67.4m of AGR being generated from this mode, compared to the $467,259 recorded from retail sportsbooks.
Details were also published via the Virginia Lottery regarding player spending in the sports betting landscape. In May, $595m in total was spent by bettors, which was up 17.7% from May 2024, an impressive rise to say the least.
This total was slightly down on April 2025, but only by 2.4%, indicating that there was nothing to worry about in the long-term.
Online spending amounted to $589.9m, while the remaining $5.2m was wagered at retail sportsbooks. Overall, this left Virginia with a solid hold of 11.41% for the month.
How much did Virginia make in gambling taxes May 2025?
Regarding tax revenue, Virginia’s 13 sports betting operators generated $10.2m – from which $9.9m was sent to the General Fund Allocation, and $253,998 to the Problem Gambling Treatment and Support Fund Allocation.
Meanwhile the three land-based casinos donated $15.4m in tax; with $5.1m going to the host city, £122,958 going towards the Problem Gambling Treatment Fund, $30,739 contributing to the Family and Children Trust Fund; and the leftover excess $10.1m will remain in the gaming proceeds fund.
The money sent to the various public funds in the state highlights the success of the sports betting and casino markets in Virginia, generating a positive stream of public revenue.
With May marking the four-month peak of revenue via sports betting in the state, what were the reasons behind the record-breaking month?
NBA Playoffs had a big part to play
The regular NBA season finishes in April, with the playoffs beginning towards the end of that month and throughout May.
This signified that the post-season surge meant more bets were placed – both online and in retail sportsbooks – throughout the month of May.
Key playoff rounds, especially in May, saw a spike in bets which contributed to the whole picture of a record-breaking month for Virginia.
Indeed, April and May together delivered roughly a 10.5% revenue uptick over the same period in 2024, with matchups such as Indiana Pacers vs New York Knicks and Oklahoma Thunder vs the Denver Nuggets contributing to the spike in revenue.
Online sportsbooks dominated
As mentioned, $589.9m was wagered via online sportsbooks throughout the month of May. This meant that 99% of sports bets are coming from online platforms, showing how bettors are utilizing the digital market to their advantage.
In the previous reported month, April, retail sportsbooks actually lost money, again, proving that more and more users are using their mobiles to place – and win – bets.
This online trend is only going to get stronger as the months go by, meaning June and July could well see even more record revenues generated.
May 2025 saw Virginia record a milestone in sports betting and casino revenue. With close to $68m in AGR, $595m wagered and $10.2m in tax being allocated to public funds, there is much to celebrate!
What will the picture look like when the June report is released? Another record month would be an excellent way to continue momentum in the Old Dominion.
