Virginia Sports Betting Sees Strong Uptick in April
The Virginia Lottery has released its April 2024 revenue report, revealing a combined mobile sports betting handle of $563.5 million in the month.
In April 2024, Virginia operators reported a hold of 10.8%, highest since September 2022.
LISTEN TO THIS ARTICLE:The figure marks an increase of 32% compared to the $422.5 million received in April 2023.
After deducting customer winnings and other expenses, the operators in the state reported an adjusted gross revenue of $54.6 million, a 41% rise year-on-year. From the total, Virginia received $8.2 million in taxes in the month.
The AGR and tax revenues in April were all the highest the state has recorded since January. However, April also signified the only month since October that total player bets dipped below $600 million.
Highest Hold Since September 2022
Furthermore, the month saw Virginia bettors win a total of $502.9 million, which resulted in a combined operator hold of 10.8%, the highest margin since September 2022. April also marked the fourth occasion in the past 18 months that the hold exceeded 10%.
In the month, operators paid out only $11,000 in promotional credits and bonuses, the lowest since the state launched its mobile sports betting market. The significant drop is mainly because only two operators, Betr and SuperBook, are currently eligible to deduct promotional expenses, totaling around $6 million.
The Virginia Lottery does not publish individual operator data in its monthly reports, like several other states in the US. However, it revealed that 12 out of 15 operators reported a net-positive AGR for April.
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Year-to-Date Results
Year-to-date, a total of $2.38 billion has been wagered in Virginia's mobile sports betting market, a 27.2% increase compared to the same period in 2023.
Total AGR generated through the first four months of 2024 reached $208 million, up 33% from the $156 million earned in the first four months of 2023. This upswing has also resulted in a 26% boost in tax revenue for the state this year compared to the previous year.
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