Virginia sportsbooks generate April handle of $236m
Virginia sportsbooks reported April handle of $236m, a 22% decline from March.
The drop in handle was expected as the US sports calendar slowed down between the months of March and April.
According to figures from PlayUSA Network, Virginia’s drop in revenue was less steep than several comparable markets such as Indiana (-25.4%), Iowa (-26.7%) and Michigan (-30.5%).
April handle was Virginia’s lowest since launching mobile-only sports betting in January.
Sportsbooks saw gross revenue of $19.4m in April, compared to $26.6m in March. Adjusted gross revenue was $11.4m versus $13.8m the month prior.
Hold percentage was 8.2%.
Virginia, which does not report figures of individual operators, is up to seven mobile sportsbooks and will soon add Penn National’s Barstool Sportsbook and Bally’s Bally Bet.
The Commonwealth will soon face greater regional competition with the expected fall launch of sports betting in neighboring Maryland. Additionally, William Hill launched a full sportsbook this past week at Washington D.C.’s Capital One Arena, which could attract bettors looking to make in-person wagers.
Virginia is in the process of adding casinos in five cities – Richmond, Bristol, Danville Norfolk, and Portsmouth. Those casinos will eventually offer retail sports wagering.
In the meantime, Virginia’s mobile sportsbooks are expected to benefit from the NBA’s Washington Wizards and NHL’s Washington Capitals each playing in their league’s respective postseason. MLB’s Washington Nationals are also in full force, which should give a boost to baseball wagers.
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