Virginia’s sports betting market is still on an upward trajectory.
The Virginia Lottery’s April revenue report showed the state accepted $609.7 million in wagers, 8% higher than the $563.5 million a year ago.
Adjusted gross revenue was $56.1 million, a 2.8% increase year-over-year.
Beating past markers
The commonwealth’s 14 online sportsbooks combined to produce $603.7 million of the total handle, leaving three retail sportsbooks to accept the remaining $6 million.
Those retail facilities actually had a negative impact on the state’s bottom line. They combined to lose more than $437,000 to in-person sports bettors.
The strong month was still below what was reported during March. The handle was 11.6% short of the $689.7 million that was powered by college basketball conference tournaments and March Madness.
However, revenue rose 24.5% on the $45.1 million March total despite the decrease in the amount wagered. The state’s sportsbooks also produced a solid 9.2% hold.
Although that figure has been achieved before, Virginia has had a torrid time trying to stabilize its hold rate. March’s 7.3% hold was disappointing for operators, given the usual frenzied stakes of March Madness. It was spurred by a record lack of upsets.
The coming summer months mark the “dead season” in sports betting, during which the NFL, NBA (partially), NHL (partially), college football, and college basketball are all out of season. Handles drop nationwide, but Virginia’s sports betting market generated double-digit holds during the two most recent summers.
Everything considered, the Virginia sports betting market generated $8.5 million in April tax for the state. Around $8.3 million of that was sent to the General Fund Allocation, and the remaining $212,945 was directed to the Problem Gambling Treatment and Support Fund Allocation.
Eleven of the 14 sportsbook operators reported positive adjusted gross revenue in April, a good sign for a state that is growing as a gambling destination.
Casinos decline in April
The state’s three retail casinos produced just $78.7 million in AGR in April, down 7.8% from the $85.2 million they reported in March.
The April revenue total resulted in $14.2 million in taxes to the state.
Caesars Virginia in Danville led the three locations with $32.4 million in AGR, $23.7 million of that coming from slot machines. Rivers Casino Portsmouth claimed the silver medal with $25.3 million in revenue, and Hard Rock Bristol brought up the rear with $21 million.
Casino revenue will be bolstered when new casinos under construction in Petersburg and Norfolk come online.