Virginia sports betting handle increases 32% year-over-year for April
Bettors in the state won a total of $498.9m throughout the month from mobile operators.
The Virginia Lottery has released the financial results from sports betting in the state for the month of April 2024. Between April 1 and April 30, bettors in the state generated a handle of nearly $563.5m, an increase of over 32% year-over-year.
Virginia state law places a 15% tax on any sports betting activity based on each operator’s adjusted gross revenue (AGR), defined as total wagers placed minus the total winnings bettors received and other authorized deductions. Over $8m in taxes was put towards a general fund allocation, while approximately $205,000 was left over for the Problem Gambling Treatment and Support Fund.
Residents in the state that placed a bet during April combined to win over $502.9m, creating a 10.75% operators winning percentage, or hold, for the month. Over $498m was won through mobile operators, while only $4m was made from retail locations. In 2022, Hard Rock International opened the first retail sportsbook in Bristol, Virginia at the Hard Rock Hotel and Casino.
The AGR in Virginia for April was just over $54.6m, with the revenue from retail sportsbooks only accounting for 2.4% of the total figure. Online sports betting generated over $54.5m in revenue for the month.
Fanatics sportsbook was the latest operator to launch in the state having gone live in November of 2023. Fanatics had reached a deal to acquire PointsBet, which Virginia residents had been using but saw their account information transferred over to the Fanatics mobile sportsbook app.
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