Virginia Sportsbooks Ride Good Hold to Strong April 2024

It appears as though the annual spring/summer sports betting slump in Virginia didn’t start in April, at least in terms of revenues for our best sports betting sites operating in the state.

On Friday, the Virginia Lottery April revenue report was released, identifying impressive revenue improvement for state providers year over year and month over month. 

The Commonwealth's April handle, while seeing an expected drop from the NCAA Basketball Tournament-fueled March reporting period, also saw a significant spike year over year. 

Virginia sports betting was sixth among states that reported their April sports betting revenues, pushing the Commonwealth over the $16 billion lifetime handle mark. Virginia is only the ninth U.S. jurisdiction to achieve that goal.

563.5 million April handle

Old Dominion bettors spent $563.5 million with Virginia sports betting apps and retail sites in April, the sixth-highest monthly total ever for the Commonwealth's legal sports betting scene. However, it was just the second time since October that the handle slipped under the $600 million mark.

The April 2024 figure represents a $72 million month-over-month drop from nearly $635.6 million in March when NCAA Basketball dominated wagering menus. However, it is an impressive 34.3% increase from the almost $426 million reported in April 2023. Clearly, residents continue to take advantage of Virginia sportsbook promos.

As mentioned, it put Virginia in sixth place in terms of handle figures from the states that have reported their April numbers and took Virginia over the $16 billion lifetime handle.

April’s figures surged Virginia’s 2024 legal sports betting handle to $2.38 billion, which is about 27.2% better than through the first four months of last year.

Higher hold rate helps revenues

For just the fourth time in the last 18 months, Virginia sportsbooks reported a win rate over 10%. Its 10.8% hold was the highest for Virginia providers over that span.  The highest hold rate since September 2022 helped revenues increase both month-over-month from March, when the handle was much higher, and year-over year.

A total of $60.6 million in gross sports betting revenues was reported by the Virginia Lottery for April, a 27% month-over-month jump from the $47.7 million in March, when the state experienced just a 7.5% hold. It is also an impressive 34.3% year-over-year spike from $45.1 million from April 2023.

Year-to-date, gross revenues for Virginia sportsbooks stand at $232.7 million after April’s report. That is a 22.5% year-over-year improvement.

Adjusted, taxable revenue for Virginia’s best sportsbooks came in at $54.6 million in April, a 41% year-over-year increase. It led to $8.2 million in tax contributions from Virginia legal sports betting providers to needy state and local coffers.

Adjusted gross revenue for the year for Virgiia sportsbooks is up to $208 million, a 33% jump from the $156 million in AGR from January-April of 2023.

Year-to-date, Virginia sports betting providers have paid $30.7 million in taxes, which is about $6.5 million or 26% more than was paid through the first four months of 2023.