As anticipated, the Virginia betting market continues its seasonal decline during the summer months, aligning with the trend seen across the country. Many in the industry are truly looking forward to seeing football season start. September really could not come sooner. And when you manage your own sportsbook with this premium sports betting software, you will be able to handle any increase in betting activity you will see in the next month.
The Virginia Lottery’s latest report states that their online sports betting platforms and retail sportsbooks collectively accepted $293.6 million in wagers for the month of July. This gives us an 8.8% decrease in handle compared to the previous month. However, the market still grows, because similar to June, Virginia’s year-over-year betting handle shows a 10% increase. So, as a pay per head bookie software user, you just need to track your data to see if your sportsbook is showing similar trends.
Good Outlook for Virginia Betting Remains
Mobile sportsbooks accounted for a substantial 99% of the total handle across the state, while retail sportsbooks records $2.6 million in bets. However, brick-and-mortar operators have a higher hold percentage compared to online sportsbooks. Retail sportsbooks are retaining 23% of their wagers, while online sportsbooks maintain a respectable 11% hold. Given that online wagering is the dominant platform in Virginia, the overall hold percentage stands at 11%.
So even if we are seeing less in terms of handle and activity, the hold still gives us better revenue. And when you manage a sportsbook through a sportsbook pay per head software, you can also check if revenue is good. After all, your revenue is the bottom line, so it’s the most important piece of information you need to know. For sportsbooks in Virginia, the adjusted gross revenue for the month is at $28.2 million. This is slightly higher than June’s $26.4 million.