Old Dominion produces $59.5 million in revenue and surpasses $500 million in handle for the ninth consecutive month.
Old Dominion sports betting operators built off of April’s revenue success with another huge month off the backs of the bettors in May. that the 14 online operators and three retail sportsbooks combined to produce $59.5 million of monthly gross revenue on a handle of $505.6 million.
The 11.9% hold in May was the biggest win rate of 2024 and even better than the 10.8% from the previous month. With NBA and NHL playoffs and MLB likely providing the bulk of the action, Virginia’s sports betting revenue rose nearly 25% compared to May 2023 to delay the summer slowdown. May profits nearly equaled April’s $60.6 million despite a 10% month-over-month drop in dollars wagered.
Old Dominion hauled in $8.1 million from the 15% tax rate on the operators’ $53.9 million of adjusted revenue. Allowable bonuses and promotions totaled less than $12,000 for the second consecutive month, but “other deductions” went over $6 million in May. The amount wagered in May was up 25.2% year-over-year and increased a run of $500 million handles that began at the beginning of last football season to nine months, the longest streak since sports betting launched in January 2021.
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