Virginia Sports Betting

  • Virginia sports betting handle took a dip in April as did the rest of the country.
  • The seven sportsbooks of Virginia had a total handle of $236.4 million for April.
  • Although they were down month-over-month in handle and revenue, their tax hold increased by almost 40%.

RICHMOND, Va. – Virginia sports betting action was down 22.2% month-over-month for April, following the trending dips in activity seen throughout the country for the month. As with other states, much of the difference in numbers can be attributed to March Madness wagering that gave March larger figures and more action. The Virginia Lottery reported last week that April saw $236.4 million in handle for the month.

March had a significantly larger amount of activity, posting $304.1 million in bets. This number is the combined total from the seven sportsbooks in Virginia.

April Figures For Sports Gaming In Virginia

Virginia kicked off their regulated sports betting industry in January. In four months’ time, they have managed to collect $865.2 million in handle. This means that May will find them cross the $1 billion mark within five months of going live with their market.

The report from the Virginia Lottery does not decipher between the seven sportsbooks in terms of how much each brought in for public knowledge. The mobile sportsbooks within the Old Dominion are BetMGM, BetRivers, DraftKings, FanDuel, Unibet, William Hill, and WynnBET. April had a total handle of $236.433 million which equated to $11.380 million in revenue and $1.652 million in tax holds.

March saw $304.066 million in bets placed with $13.845 million in revenue and $1.183 million in taxes withheld. This created a 22.2% decrease in handle month-over-month and a 17.8% drop in revenue. However, taxes went up by 39.6% due to various promotions that were covered in previous months, lowering the number before April.

What’s Coming Up For Virginia Sports Betting

There should be an increase in sports wagering in Virginia for the month of May and beyond. Everyone in the U.S. felt a drop in April, coming off of March Madness. But now there is the NBA playoffs that will run through July and then football season begins shortly after that which all help to show an upward trajectory for sports betting activities in the Old Dominion.

 

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