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PlayVirginia.com: Sports betting volume slows in July

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Virginia’s sports betting volume slumped in July to the lowest level since sportsbooks first launched, echoing a trend that has affected every major market in the U.S. But the seasonal decline in wagering will be short-lived as causal bettors return home from summer vacations and turn their attention to football, according to PlayVirginia, which tracks the state’s gaming market.

“July brings a relatively light sports schedule and summer vacations that typically make it the slowest month in sports betting, and Virginia is not immune from a trend that has affected every major market,” said Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayVirginia.com. “The momentum should change quickly as football draws nearer and casual bettors return home. The next five months should bring significant growth to Virginia’s fledgling sports betting industry.”

Bettors placed $161.9 million in wagers at Virginia’s sportsbooks in July, down 31.1% from $234.9 million in June, according to data released Wednesday by The Virginia Lottery. The pace of betting was the slowest ever, too, dropping from $7.8 million in wagers per day over the 30 days of June to $5.2 million over the 31 days of July.

Gross gaming revenue did remain relatively high, dropping 9.3% to $20.0 million in July from $22.0 million in June. The hold percentage was 12.3% in July, which helped partially offset the low volume. Adjusted gross revenue dropped to $12.7 million, yielding $1.9 million in state taxes, including $46,611 for problem gambling support.

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The pandemic skewed 2020 data, but July was the lowest volume month across the U.S. in both 2018 and 2019 so a dip in Virginia was hardly a surprise. The NBA Finals and the opening week of the Olympics made this July a bit busier than normal. But the NBA Finals represents just six games, and bettors were not particularly moved by the Olympics.

“The NBA Finals and the Olympics, which featured a stark time difference, didn’t particularly move the needle,” said Dann Stupp, lead analyst for PlayVirginia.com. “The Olympics should do modestly better in August, when high-profile team sports like basketball reached the medal rounds. But in the end, there just isn’t enough to attract widespread betting, which makes a relatively large win key in helping sportsbooks weather the seasonal slowdown.”

Despite a slow July, Virginia continues to perform well as a sports betting market. Since Jan. 21, Virginia sportsbooks have accepted $1.5 billion in wagers, which has resulted in $127.0 million in gross gaming revenue. With the busiest months likely still ahead, the state could bring in more than $3 billion in wagers by year’s end.

To that end, Barstool Sports made its debut on Aug. 10, giving Virginia another high-profile brand. And more are planning to launch either before or during the football season.

“Virginia’s sportsbooks remain in an excellent place, and new operators are a good sign that the market is healthy and attractive,” Stupp said. “Increasing competition should help engage new customers and force the largest operators in the state, including FanDuel and DraftKings, to continue to vie for attention. The most important months of the year are still ahead, and competition will help spur the entire market.”

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For more information and analysis on regulated sports betting in Virginia, visit PlayVirginia.com/revenue.

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Canada

ComeOn Group adds sportsbook to its offering in Ontario

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ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.

ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.

ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.

Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.”

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*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)

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BCLC

INTRALOT Announces New Project with the British Columbia Lottery Corporation for Online Lottery Platform

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INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT Inc., its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalization of the existing land-based network.

The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.

INTRALOT is a leading player in a changing world of gaming. With significant experience in looking forward and anticipating emerging trends, the company provides future-proof solutions to regulated lottery and gaming operators around the world.

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Canada

IAGR announces Toronto as host city for 2025 conference

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Hot on the heels of its most attended conference in history, the International Association of Gaming Regulators (IAGR) is excited to announce that its 2025 conference will take place in Toronto, Canada, from October 20 to 23, 2025.

The event will be held in partnership with the Alcohol and Gaming Commission of Ontario (AGCO) at the Westin Harbour Castle, offering stunning waterfront views and a premier, downtown Toronto location.

‘Fresh off the success of our Rome conference, we’re thrilled to continue the momentum with next year’s event in Toronto,’ said Ben Haden, IAGR President.

‘The IAGR 2025 conference promises to be another unparalleled opportunity for our global community to come together, collaborate and shape the future of gaming regulation. We’re looking forward to working with AGCO to bring it all together.’

AGCO CEO and Registrar Dr. Karin Schnarr, added, ‘We’re excited to welcome IAGR and its members to Toronto. This partnership provides a great opportunity to share Ontario’s innovative regulatory practices and foster meaningful discussions that drive positive change in the industry.’

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Stay tuned for registration details early next year.

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