Revenue Roundup

  • Nevada sportsbooks saw $582.5 million in wagers for April 2022. While this is a major drop compared to March, this is up 28.1% year over year.
  • Pennsylvania reported $572.8 million in bets with over 90% of the wagers coming from online operators.
  • Virginia sportsbooks saw nearly $400 million in bets in April.

LAS VEGAS – While sportsbooks saw slight dips in activity in April 2022 on a whole with the ending of March Madness betting, several sportsbooks managed to see yearly growth in their betting markets.

Nevada, Pennsylvania, and Virginia managed to eclipse their 2021 April betting handle’s as the market grows. Virginia’s successful 2022 saw it enter the top 10 in legal sports betting handle for the first time.

Top 10 Sports Betting Markets 2022 (Through April)

  1. New York $6.26B
  2. New Jersey $4.38B
  3. Nevada $3.33B
  4. Pennsylvania $2.68B
  5. Illinois $2.52B
  6. Colorado $1.91B
  7. Michigan $1.83B
  8. Virginia $1.76B
  9. Indiana $1.75B
  10. Tennessee $1.362B

Nevada Revenue

Sportsbooks in Nevada saw over $582.5 million bet on sports in April. This is down 32.5% compared to March’s betting handle.

The dip is expected with the limited betting options in April. In fact, this is the lowest the market has been since August 2021 and the first time since then that less than $700 million was wagered.

Sportsbooks did see a reported 4.35% hold rate in April, more than the 4.28% hold in March. However, the lower overall betting handle led to a 31.1% decrease in revenue month over month as well.

Sports betting as a whole is up 28.1% year over year which indicates the market actually growing despite the dip in April.

Pennsylvania Revenue

The Pennsylvania sports betting market also suffered from the sporting drought in April with sportsbooks reporting $572.8 million in bets compared to the $714.9 million in March.

Pennsylvania was once again dominated by mobile sportsbooks with $536 million of the total betting handle coming from sports betting apps. This is 93.5% of the entire market.

In terms of sports betting revenue, PA sportsbooks collected $33.6 million with the state seeing 11.4 million in taxes (34%).

Virginia Revenue

As the new kid on the block, Virginia sportsbooks was only $22 million short of seeing $5 billion wagered since its launch (would be just the ninth state to do so). The $399.5 million wagered in April was also just $530,000 short of $400 million.

Virginia sportsbooks did report a 69% increase year over year compared to April 2021, and the total betting revenue is up 9% with $36.3 million. Virginia held a 9.1% hold rate in April compared to the 7.2% hold rate in March.

After adjusting for bonuses and promotions as well as other deductions, the adjusted gross revenue (AGR) is $20.7 million with the state seeing $3 million in taxes off of 15%.

The Virginia sports betting market is thriving alongside the big markets now. Can Virginia maintain this momentum going forward?

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