Sports betting in Virginia posted healthy year-over-year growth in the Virginia Lottery’s April 2024 revenue report. sportsbooks recorded their highest hold in more than 18 months.
The state’s 15 mobile sports wagering operators took a collective handle of $563.5 million in bets last month, 32% higher than last April’s total of $422.5 million.
After customer winnings and deductions, adjusted gross revenue was $54.6 million, up 41% from the same month last year. That netted Old Dominion $8.2 million in taxes in April.
The AGR and tax revenues were the highest the state has taken since January, but April was only the second month since October where total handle fall under $600 million.
Virginia bettors won a total of $502.9 million for a combined operator hold of 10.8%, the highest since September 2022. April 2024 was only the fourth time in the last 18 months that hold had been above 10%.
While the Virginia Lottery does not disclose individual operator numbers in its monthly releases like some states do, it noted that 12 of 15 finished with a net-positive AGR in April.
Only just over $11,000 in promotional credits and bonuses were paid out last month, the lowest in the state’s sports betting history. That’s due in no small part to the fact that only Betr and SuperBook are eligible to still be deducting promotional spend. Total deductions came in at around $6 million.
Virginia sports betting continues 2024 progress
In total, $2.38 billion has been wagered via mobile sports betting in Virginia through the first four months of 2024, up 27.2% from the first four months of 2023.
Total year-to-date AGR this year is around $208 million, up 33% from the $156 million taken through the first four months of 2023. So far, Virginia is netting 26% more tax revenue from online sports betting in 2024 than it did in 2023.
Last month, on the back of a $630-million March, Virginia had become the tenth state to surpass $15 billion in handle in the post-PASPA era.
