Virginia Underscoregs Ride Good Hold to Strong April 2024

The annual spring/summer sports betting slump in Virginia did not seem to begin in April, at least in terms of revenues for the top sports betting sites operating in the state.

The Virginia Lottery April revenue report, released on Friday, revealed a significant increase in revenue for state providers compared to both the previous year and the previous month.

The April handle in the Commonwealth decreased from the previous month due to the end of the NCAA Basketball Tournament, but still showed a notable increase compared to the same time last year.

In April, Virginia sports betting ranked sixth in terms of revenue among reporting states, helping the Commonwealth surpass $16 billion in lifetime handle. Virginia becomes the ninth U.S. jurisdiction to reach this milestone.

563.5 million April handle

In April, bettors in Old Dominion wagered $563.5 million using Virginia sports betting apps and retail sites, marking the sixth-highest monthly total in the state’s legal sports betting history. This was only the second time since October that the handle fell below $600 million.

The total for April 2024 shows a decrease of $72 million compared to March’s total of nearly $635.6 million, which was boosted by NCAA Basketball bets. Despite this drop, the figure is still a significant 34.3% higher than the almost $426 million reported in April 2023. It is evident that Virginia residents are still making the most of sportsbook promotions.

As previously discussed, Virginia now ranks sixth in terms of handle figures among states that have reported their April numbers, surpassing $16 billion in lifetime handle.

The legal sports betting handle in Virginia for 2024 reached $2.38 billion in April, marking a 27.2% increase compared to the first four months of the previous year.

Higher hold rate helps revenues

Virginia sportsbooks achieved a win rate over 10% for only the fourth time in the past 18 months, with a hold of 10.8% – the highest during this period. This significant increase in hold rate since September 2022 contributed to higher revenues compared to the previous month, despite a lower handle, and also showed growth year-over-year.

In April, the Virginia Lottery reported $60.6 million in gross sports betting revenues, showing a 27% increase from the $47.7 million reported in March. This represents a significant improvement from the 7.5% hold experienced in March. Additionally, this figure reflects a notable 34.3% year-over-year increase from the $45.1 million reported in April 2023.

As of April’s report, Virginia sportsbooks have generated $232.7 million in gross revenues year-to-date, marking a 22.5% increase compared to the previous year.

In April, Virginia’s top sportsbooks reported adjusted taxable revenue of $54.6 million, representing a 41% year-over-year growth. This resulted in $8.2 million in tax contributions from legal sports betting providers in Virginia, benefiting state and local government funds.

Virginia sportsbooks saw a 33% increase in adjusted gross revenue for the year, reaching $208 million compared to the $156 million earned from January-April of 2023.

So far this year, Virginia sports betting operators have paid $30.7 million in taxes, marking a $6.5 million or 26% increase compared to the first four months of 2023.