Virginia’s sportsbooks in April had their lowest monthly handle since September 2021, with wagering coming in for the month at less than $400m, according to PlayVirginia, which tracks the state’s sports betting market.
While April is the start of an expected slow period for sportsbooks across many US states, wagering for the month was close to a 70% improvement year-over-year, and revenue for sportsbooks in the Old Dominion grew compared to the previous month.
“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,” commented Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayVirginia.com.
“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.”
Data released by the Virginia Lottery has revealed the state’s April handle came in at $399.5m, a 69% growth YoY (April 2021: $236.4m), but a 15% decline on March’s $469.5m. Wagering fell to $13.3m per day (March: $15.1m per day).
The Old Dominion’s sportsbooks earned $36.3m in April gross revenue, an 86% improvement on the previous year (April 2021: $19.4m) and up 8% on the prior month (March: $33.7m). After $11.3m in promotional spending and $4.3m in other deductions, operators produced $20.8m in adjusted revenue, yielding $3m in state taxes.
Ramsey added: “Without football or a big betting event like the first weekend of the NCAA Tournament, sportsbooks traditionally lose steam heading into the summer.
“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.”