Virginia Sports Betting Sees 8.2% Increase in Handle for April – A Promising Trend!

In April, Virginia saw a notable increase in sports betting activity, with players wagering a total of $609.7 million, marking an 8.2% year-on-year growth. The bulk of the bets were placed online, amounting to $603.7 million, while retail sportsbooks saw $6 million in wagers. Adjusted gross revenue in the state also saw a rise, reaching $56.1 million, with online betting accounting for $56.6 million of that total.

Despite the lower handle compared to the previous month, the state saw a 2.8% increase in adjusted gross revenue compared to the same period last year and a significant 24.4% jump from March. However, retail wagering in Virginia experienced a loss of $473,390, impacting the overall revenue figures.

Consumers in Virginia received a total of $546.9 million in returns from sports betting in April, with a portion of those returns coming from retail sportsbooks. The Virginia Lottery reported that sports betting generated $8.5 million in tax revenue for the state, with the majority going to the General Fund Allocation.

Overall, the sports betting market in Virginia continues to show growth and resilience, with online betting driving much of the activity and revenue in the state.