Virginia Sports Betting Sees Growths in April 2024
The Virginia Lottery’s April 2024 revenue report indicates growth in the state’s sports betting sector. The 15 mobile sports wagering operators collectively handled $563.5 million in bets, marking a 32% increase compared to April 2023’s total of $422.5 million.
Revenue and Tax Highlights
After accounting for customer winnings and deductions, the adjusted gross revenue (AGR) for April stood at $54.6 million, reflecting a 41% year-over-year increase.
This growth resulted in the state collecting $8.2 million in taxes, the highest amount since January 2024. Despite the significant figures, April was only the second month since October 2023 where the total handle fell below $600 million.
Operator Hold and Payouts
Virginia bettors won a total of $502.9 million, resulting in a combined operator hold of 10.8%, the highest since September 2022. April 2024 marked only the fourth time in the past 18 months that the hold rate exceeded 10%.
The report also noted that 12 out of 15 operators finished with a net-positive AGR for the month.
Promotional credits and bonuses paid out in April were just over $11,000, the lowest in the state’s sports betting history. This low figure is primarily due to only Betr and SuperBook being eligible to deduct promotional spending. Total deductions amounted to approximately $6 million.
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