In just over three months of legalized betting, Virginians have recorded an impressive overall total of nearly $900 million, with April alone contributing over $236 million to this figure in sports betting.
On Friday, the latest figures were released by the Virginia Lottery, the governing body responsible for sports wagering in the commonwealth.
In the month of April, Virginia sportsbooks accumulated a total of $236,432,524 in wagers. Players managed to win $216,990,207 from these bets, resulting in a hold of 8.22% for VA sportsbook operators.
In comparison to March, the monthly total witnessed a decline of 22.2%, marking the first month-over-month decrease since the initiation of the VA sports wagering market on Jan. 21.
In March, sports bettors in VA placed a total of $304 million in wagers, primarily due to the popular NCAA March Madness men’s basketball tournament. This tournament, which spans several weeks, is renowned for being one of the most heavily bet events in the US on an annual basis.
A breakdown of April sports betting
In April, VA sportsbooks recorded a total win of $19.4 million, experiencing a decline from the $26.6 million they generated in March.
In March, there was a decrease in adjusted gross revenue (AGR) from $13.8 million to $11.4 million.
In total, it generated $1.7 million in state taxes, with $41,304 allocated towards aiding problem gambling.
Here’s the full breakdown:
| Month | Handle | GGR | Hold % | Promos | Other deductions | AGR | Taxes |
|---|---|---|---|---|---|---|---|
| February 2022 | $401,889,135 | $27,498,133 | 6.8% | $15,816,234 | $3,797,649 | $7,884,250 | $7,884,250 |
| January 2022 | $485,544,417 | $39,050,067 | 8.0% | $16,850,981 | $3,978,519 | $18,220,567 | $2,876,609 |
| December 2021 | $426,596,891 | $31,515,015 | 7.4% | $17,051,709 | $4,339,908 | $10,123,398 | $1,729,130 |
| November 2021 | $402,621,132 | $48,337,037 | 12.0% | $14,993,073 | $3,417,267 | $29,926,697 | $4,233,167 |
| October 2021 | $427,320,306 | $30,160,385 | 7.1% | $15,805,261 | $4,569,424 | $9,785,700 | $1,746,204 |
| September 2021 | $293,851,531 | $30,929,243 | 10.5% | $17,422,068 | $3,172,781 | $10,334,395 | $1,557,498 |
| August 2021 | $182,418,252 | $17,967,427 | 9.9% | $6,868,639 | $2,410,724 | $8,688,064 | $1,378,539 |
| July 2021 | $161,901,955 | $19,965,556 | 12.3% | $4,375,872 | $2,898,664 | $12,691,020 | $1,864,433 |
| June 2021 | $234,943,435 | $22,006,296 | 9.4% | $4,983,544 | $2,125,855 | $14,896,898 | $2,273,995 |
| May 2021 | $226,963,573 | $23,173,549 | 10.2% | $5,168,732 | $2,341,616 | $15,663,201 | $2,381,115 |
| April 2021 | $236,432,523 | $19,442,317 | 8.2% | $5,529,294 | $2,532,886 | $11,380,137 | $1,652,147 |
| March 2021 | $304,066,245 | $26,573,877 | 8.7% | $10,340,533 | $2,388,332 | $13,845,012 | $1,183,487 |
| February 2021 | $265,778,306 | $12,238,730 | 4.6% | $13,187,560 | $2,282,972 | ($3,231,752) | $300,594 |
| January 2021 | $58,896,564 | $3,586,077 | 6.1% | $6,343,077 | $478,612 | ($3,235,612) | $39,710 |
| Total | $4,109,224,266 | $352,443,759 | 8.6% | $154,736,576 | $40,735,209 | $156,971,974 | $24,622,911 |
On April 28, Unibet sports betting debuted as the seventh sportsbook in VA, right before the month’s conclusion.
At present, there are two other sportsbooks in Virginia, namely Penn Sports Interactive (Barstool Sportsbook) and Bally’s Corporation, that possess permits. However, there is no specific timeline set for their respective launches.
April sports betting in VA
The decline in sports betting options during April can be observed in both Virginia and other states, as reflected in the betting numbers for that month.
The NFL and college football seasons come to an end in February, while the men’s hoops schedule wraps up with the NCAA March Madness men’s basketball tournament. This year, on April 5, the University of Baylor Bears claimed victory in the title game.
In April, the MLB, NBA, and NHL still had their complete schedules, although these leagues typically generate less betting excitement compared to other prominent sports organizations, especially the NFL.
Nevertheless, Virginia is not the only state experiencing a decline in sports betting activity during the spring and summer months. In fact, every state that has legalized sports betting has reported a decrease in wagering for the month of April. Among the states with larger sports betting markets that observed declines were:
- New Jersey (-13%)
- Tennessee (-13.6%)
- Pennsylvania (-14.4%)
- Indiana (-25.4%)
- Michigan (-30.5%)
The race to $1 billion in wagers
Bettors in VA are rapidly approaching the $1 billion mark, with a total of $865.2 million in wagers.
Even with a lackluster showing in May, Virginia has the potential to become the fastest state to reach the 10-figure milestone.
The current record-holder, Tennessee, achieved the milestone of reaching the $1 billion mark just six months after its launch, surpassing Virginia’s neighbor in this regard.
Should Virginia reach a modest target of $135 million in bets in May, it will achieve a remarkable milestone of $1 billion in just five months since the market’s inception.
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