The Virginia sports betting numbers for the month of April are in, and the state expectedly saw a drop in handle from March. The total sports betting handle was $236.4 million after it climbed up to more than $304 million in March.
The adjusted gross revenue that was reported by sportsbooks was $11.4 million. The handle fell by around 22 percent, and the adjusted gross revenue dropped by nearly 18 percent.
April was a tough number for the entire US sports betting industry as sportsbooks saw a decrease in action following March Madness. Sports betting officially launched in Virginia in January, and that state had seen an increase each month until these results.
The Virginia Lottery oversees and regulates the sports betting industry in the state, and it was the group that reported these numbers.
All Betting Done Online
When Virginia voted to approve sports betting, both online and retail betting was legalized. At this point in time, all of the sports betting is being done online, and that isn’t going to change until some time in 2022.
This is due to the fact that retail sportsbooks in Virginia will be offered at the casinos, and those properties are still under construction. There will be five new retail casinos opened throughout the state of Virginia, and there were select cities chosen for these projects.
As it stands now, Virginia has still been able to attract some of the biggest names in the US sports betting industry. Even when retail betting is offered, online sports betting is expected to be the most popular way to place a bet.
Tax Revenue Increases
Despite the decrease in both total handle and gross revenue, the state of Virginia did see a huge boost in tax revenue. The state was able to collect $1.65 million in tax revenue for the month, the best month on record in the state.
This was a jump of nearly 37 percent, and it occurred because four of the seven operators posted positive adjusted gross revenue. Sportsbooks can subtract promotional payments from the revenue that is reported, and that’s a common practice as sportsbooks look to attract customers.
Currently in Sixth Place
The April sports betting handle total currently puts Virginia in sixth place in all sports betting markets in the United States. Virginia is likely to drop at least one spot as Illinois has not yet announced its total for the month.
New Jersey was again the clubhouse leader for April with a total handle of $748 million. The Garden State continues to post big numbers and widen the gap between it and all other states.
Pennsylvania was able to move up into the number two spot with $479.4 million in sports betting handle in April. This means that Nevada fell down to third place with $458.2 million, and both of those states are in danger of being passed by Illinois as well.
Michigan, Colorado, and Indiana were the three other states that posted higher totals than Virginia for April.