In April, $609.7 million was wagered on sports in Virginia, an 8.2% YoY increase. Retail lost almost $0.5M, while online platforms generated $56.6M in AGR. Taxes brought in $8.5 million for the state.
According to figures supplied by the Virginia Lottery, Virginia gamblers wagered $609.7 million on sports in April, an 8.2% increase over the same month the previous year. Online sportsbooks handled the vast bulk of the business, accounting for $603.7 million of the total, while traditional sportsbooks contributed $6 million.
Despite a month-over-month dip from March’s $689.7 million in bets, adjusted gross revenue (AGR) in April increased to $56.1 million. This was a 2.8% rise from April 2024 and a 24.4% increase from the previous month.
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The revenue increase was mostly due to excellent online performance, with Virginia’s 14 online sportsbooks producing a combined $56.6 million in AGR. However, the retail section lost $473,390, which lowered the overall number.
The hold rate across all carriers was 9.2%, with customers gaining back $546.9 million in total. Of the total, $6.4 million came from retail sportsbooks, resulting in a net loss since the payment exceeded the handle. The Virginia Lottery reported $6.6 million in unidentified deductions but did not provide data per operator.
In April, the state collected $8.5 million in sports betting taxes. The majority of the money, $8.3 million, was awarded to the General Fund, with the Problem Gambling Treatment and Support Fund receiving $212,945.
Over the previous seven months, Virginia’s sports betting market has witnessed varying victory rates. March’s 7.3% hold, one of the lowest in almost a year, was the result of an expected NCAA basketball postseason.
Courtesy: https://igamingexpert.com/, https://www.igbnorthamerica.com/, https://gamingamerica.com/news/
