Like many other states with legal betting, Virginia reported a dip in handle in April.
According to the latest figures from the Virginia Lottery, bettors in the commonwealth wagered $236.4m on sporting events in April.
April’s handle was down from the $304.1m wagered in March which marked the state’s highest handle figure since launching legal betting earlier this year.
The seven operators in the state managed to generate a combined $19.4m in gross gaming revenue (GGR) for the month. After accounting for promotional offers and other deductions, adjusted gross revenue (AGR) amounted to $11.4m for the month.
GGR was down 26.8% on the $26.6m recorded in March while AGR was down 17.8% on the $13.8m posted last month.
When it comes to tax, the state’s approved betting operators paid a combined $1.7m in taxes to the state. Of this, $1.6m was allocated to the General Fund while $41,303 was set aside for the problem gambling treatment and support fund.
A seventh operator enters the market
The Virginia Lottery does not disclose handle and revenue on a per operator basis so it is not entirely clear where each operator sits on the leaderboard. However, it would be safe to assume things are heating up in the Virginia betting market.
During the month of April, Virginia saw Kindred’s Unibet sportsbook launch in the state, bringing the total number of legal betting options in the state to seven.
The previous month saw Wynn launch its WynnBet product in the state which became the sixth operator to launch a betting product in Virginia.
Handle could surpass $1bn next month
Despite posting a drop in handle and revenue in April, Virginia is on track to pass the $1bn mark in terms of cumulative betting handle next month.
In its first four months of operation, the state’s betting market has recorded just under $865.2m in total bets.
The closest comparisons can be drawn with the state of Tennessee which began taking bets in November 2020. In Tennessee’s first four months of legal betting, the state’s legal sportsbooks processed a combined $699.4m in bets.
At the time of writing both states only accept bets placed online or via a sportsbook app. However, Virginia is in the process of assessing local casino bids which could house land-based sportsbooks.
Sports betting in Virginia
The state of Virginia legalised sports betting in April 2020 after the state legislature passed a sports betting bill that would allow sportsbook apps to launch by the end of 2020.
Virginia’s sports betting market launched on 21 January 2021 with the launch of the FanDuel sportsbook via a partnership with the Washington Football Team.
In March, Virginia’s governor signed a new bill into law which made several changes to the state’s betting market. This included offering five more sports betting licences.