Virginia’s and other sports betting regimes have been growing and demonstrate the cyclical nature of betting. Knowing these micro fluctuations is how an independent bookie can stay in business every month of the year. Request a demo if you want details on how to keep your bookie business alive between sport affair season!
Key Takeaways on Virginia’s Cyclical Betting Patterns
Virginia’s sports betting market climbed in May generating $60 million in adjusted gross revenue (AGR). According to the Virginia Lottery’s latest report, up from $42.5 million in May 2023. Bettors wagered $505.6 million, a 25.2% increase from a year ago.
While meaningful, this growth must be interpreted against the context of structural seasonal adjustments at play in these metrics. In April, higher handle and revenue were attributed to the NCAA basketball semi-finals and finals. Betting on the women’s tournament in particular was at an unprecedented level. May did, however, show a decrease in handle and revenue from April, which matches with the sports schedule. But with the start of the NBA and NHL playoffs and regular-season baseball. Bettors found plenty to engage them, and all added to the monthly numbers.
Virginia’s betting operators held provisions for a win of 11.9% in the month of May. Sustaining a streak of double-digit holds that has prevailed since the state’s launch of sports betting in January 2021. This left a Taxable AGR of $53.6 million, as operators deducted over $6 million in promotional and other allowances. Changes to regulations in June 2022 extended promotional play write-offs to the first year of a platform’s operation. Meaning that the path applies just to entrants like Fanatics and Betr.
Diversify Your Offerings for Year-Round Profitability
Independent bookies can stay the course and be profitable year-round. By providing more than just betting for the larger sports leagues. It’s a way to generate revenue even after the NBA, NHL, or NFL seasons end. Key areas to focus on include:
Online Casino and Live Casino
Some table games like poker and blackjack can also be found in casinos online and appeal to a wide range of people. Also, the inclusion of live casino options that involve real dealers and interactivity. That can take the betting experience to the next level. They provide around-the-clock engagement and revenue.
Horse Racing
The sport of kings has a passionate fan base and plenty of betting options throughout the calendar year. Events vary from local races to events like the Kentucky Derby. Offering horse racing can attract a niche audience. And provide another revenue stream at times when the sports calendar is quieter.
Leisure Activities & niche
Whether it is the Olympics, the World Cup, or boxing matches, they capitalize on events that encourage betting. Likewise, providing lines for niche sports —be it a cricket game. A rugby match or an eSports event — can keep it interesting and drive engagement. While these sports march in nowhere near the volume of any of the big ones. Dedicated bettors in search of different betting opportunities may flock to these markets for action.
Utilizing a Pay Per Head Provider
A partnership with a PPH provider such as VIP Pay Per Head potentially grows your betting business to a very profitable level. Providers offer all services topnotch technology, a variety of bets and customer support. This is where services come into play to ensure that your platform operates in a smooth and efficient manner. Allowing your bettors to have the best possible experience.
PPH providers make this day and night easier since they provide you with up to date information, advanced analytics, and flexible tools that aid competitiveness. So, these tools help you customize your offerings as per the needs of your bettors. Or adjust your strategies around seasonal trends and the market demands.
Profitability Year-round
Seasonal betting trends are an essential thing to understand when looking at wagering figures handled in Virginia. As is the need to diversify your offerings. You can also continue making profits throughout the year by adding online casinos, live casinos, horse racing and niche sports to your platform. But looking for expert support will help you take your business to the next level. Companies like VIP Pay Per Heads that are the best, can help you get all the information you need to be ahead of your competition. With these strategies in hand, we assure you an evergreen betting business, no matter what sports season it is!
