Virginia sports betting handle rises 8.2% in April – Sports betting

In April, Virginia sports betting enthusiasts wagered a remarkable $609.7 million, with online platforms accounting for $603.7 million and retail sportsbooks contributing an additional $6 million.

The consumer spending on sports betting in Virginia marked a notable increase of 8.2% year-on-year, reflecting a thriving market. Data from the Virginia Lottery indicated that the total handle not only surpassed the $563.5 million recorded in April 2024 but also showed a decline of 11.6% from March’s impressive total of $689.7 million.

Breaking down the figures, online sports betting proved dominant, generating $56.6 million in revenue in April, despite a $473,390 loss from retail wagering. This resulted in an overall adjusted gross revenue of $56.1 million, which still saw an increase of 2.8% compared to the previous year and a notable 24.4% surge from March, highlighting the dynamic nature of the industry.

The hold percentage for the month stood at a competitive 9.2%, illustrating the strength of player engagement and betting activity during this period.

Players Reap Rewards: $546.9 Million Returned

Virginia’s consumers enjoyed substantial returns from sports betting, receiving a total of $546.9 million in April. This figure included $6.4 million disbursed at retail sportsbooks, which, due to its excess over the monthly handle, resulted in operational losses.

Additionally, there were undisclosed deductions amounting to $6.6 million. It is important to note that the Virginia Lottery maintains confidentiality regarding the individual operators engaged in the state’s regulated market, which adds an element of intrigue for stakeholders.

On the taxation front, sports betting generated $8.5 million in April alone. Out of this total, $8.3 million was allocated to the General Fund, while $212,945 was designated for the Problem Gambling Treatment and Support Fund, showcasing the state’s commitment to responsible gaming.

In summary, Virginia’s sports betting landscape continues to evolve, buoyed by a surge in online engagement and significant revenue growth, despite fluctuations in handle. The ongoing adaptation of strategies to meet consumer demands will be pivotal for operators aiming to capitalize on this burgeoning market.