Sports betting handle in Virginia comes in just under $400m in wagers
The state saw a year-over-year increase in wagers of 69% from April of 2021.
Virginia sports books saw $399.5m in sports betting wagers for the month of April in 2022. This is a 69% increase in wagers from April of 2021. These numbers were officially released by the Virginia Lottery.
This is, however, the first time the number has fallen under $400m since September of 2021. The decrease in wagers is attributed to the slowing sports season but the state expects to see an increase when the NFL season begins.
Eric Ramsey said: “There was enough general interest in the NBA Playoffs, the Final Four, and the first month of baseball, among other attractions, to engage bettors in April.” Ramsey is an analyst for the PlayUSA.com Network, which includes PlayVirginia.com.
Ramsey went on to say: “Those opportunities will shrink in the coming months, until football season kicks off. But Virginia’s young market is well-positioned for another surge this fall.”
Bettors in the Commonwealth of Virginia have wagered a combined total of more nearly $5bn through April. Twelve licensed operators were active and accepting mobile sports wagers during the month of April.
Ramsey spoke on the lack of big events, stating: “Without football or a big betting event like the first weekend of the NCAA Tournament, sportsbooks traditionally lose steam heading into the summer.”
He continued: “But the year-over-year gains remain consistently strong, showing that the industry has so far been mostly unaffected by struggles in the greater economy. But those headwinds do represent the most significant threat to the relentless growth Virginia’s sports betting industry has enjoyed since the beginning.”
In January, Virginia hit a record month of $485.5m in sports wagers, which was the one-year anniversary of legalized sports betting in the state.
The number in January surpassed the original record in Virginia which was $427.3m in October of 2021.
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