Now that the calendar is nearly turning to August, a number of sports betting markets are starting to report on June sports betting numbers. Both Virginia and Rhode Island announced sports betting numbers this week, and both states saw a major boost in sports betting.
June is usually a slow month for the sports betting industry, but both Virginia and Rhode Island were able to see a real boost. Virginia is a state that only offers online sports betting currently, while Rhode Island is able to generate some retail sports betting.
The total sports betting handle in Virginia last month was $234.9 million, which was an increase of 3.5%. Total sports betting revenue in that state was just $14.8 million, and that was actually a drop from the numbers that came in during May.
The total sports betting handle in Rhode Island was $29.46 million, and that was an increase of more than four percent. Total sports betting revenue in the state of Rhode Island jumped by more than 32 percent a month ago, which is a positive sign for the state.
Both states are still coming up well short of some of the other states in the US industry, but any signs of growth and progress are a huge boost for the state.
Big Boost Coming this Fall
While both of these states have seen some growth in sports betting over the last few months, the overall numbers are still relatively low compared to where they will be later this year. The entire US sports betting will take off once again with the return of college and professional football.
September has been the target launch date for a number of states that are beginning sports betting this year. With the industry already established in these two states, both should see some big handle and revenue numbers beginning in that month.
Tax Rate High in Virginia
Virginia has a tax rate of 15% on sports betting revenue, and that has allowed the state to bring in plenty of tax revenue since the industry launched. The tax revenue actually dropped by more than four percent last month, but there was still $2.27 million brought in.
Since sports betting was launched in January, the state has brought in close to $8 million in tax revenue, and the total handle is over $1 billion. These numbers are actually better than expected, and they will get even bigger as time goes on.
Rhode Island Facing Competition
Rhode Island and New Hampshire have enjoyed being the only two sports betting markets in the New England region, but that is going to be changing by the end of 2021. Connecticut and Massachusetts could both have sports betting in place by the end of the year, and both should become relatively large markets.
Connecticut already has a sports betting deal in place, and the Native American tribes are going to have control in that state. Massachusetts lawmakers still have plenty of work to do before a bill is passed, but there is the belief that something will get done soon.