Virginia’s Sports Betting Handle Dips to $609.7M in April but Revenue Jumps 24.5%
Virginia’s sports betting market cooled in April after March Madness, with a $609.7 million handle but a surprising revenue spike.
A Post-Madness Slowdown
Virginians wagered $609.7 million on sports in April 2025, up 8.2% from $563.5 million in April 2024 but down 11.6% from March’s $689.7 million, according to the Virginia Lottery.
The drop, typical after NCAA basketball’s frenzy, didn’t dent operators’ bottom line. Adjusted gross revenue (AGR) hit $56.1 million, soaring 24.5% from March’s $45.1 million and 2.8% above last April.
The revenue jump, despite lower bets, points to sharper operator margins and cautious bettors. Mobile betting dominated, with 14 online operators.
Mobile apps handled $603.7 million, nearly 99% of the total, though down 11.6% from March. They raked in $56.6 million in AGR, a 27.5% leap from March, showing digital strength.
Retail betting, however, stumbled. Three casinos: Hard Rock Bristol, Rivers Portsmouth, and Caesars Virginia, took $6 million in wagers but posted a $473,390 loss, paying out $6.4 million.
Strong Hold Boosts Coffers
Operators’ hold rate, the share kept after payouts, climbed to 10.3% in April, up from March’s 7.3% and aligning with Virginia’s four-year 10% average.
Bettors won $546.9 million, with mobile users claiming $540.5 million. Other deductions, like voided bets, totaled $6.6 million. The high hold drove Virginia’s tax haul to $8.5 million, a 26.1% jump from March’s $6.8 million.
Of that, $8.3 million went to the General Fund for state programs, and $212,945 bolstered the Problem Gambling Treatment and Support Fund, managed by the Virginia Department of Behavioral Health.
Context and Competition
April’s $609.7 million handle ranked Virginia seventh nationally, behind New York’s $2.16 billion. Year-to-date, Virginia’s $2.59 billion trailed leaders like New Jersey and Illinois. The state’s 15% AGR tax, with 97.5% to the General Fund, generated $36.7 million through April 2025, supporting schools and infrastructure.
Retail losses contrast with casino growth, as Norfolk and Petersburg plan new venues by 2026. Responsible gaming remains a focus, with the Problem Gambling Fund aiding treatment amid rising helpline calls.
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