The Virginia Lottery has released its latest monthly revenue report revealing that the state’s licensed sportsbooks accepted over $399.4 million in wagers during the month of April.
Sports betting activity dips but operators report higher win percentage than record-setting January
The latest figures represent a drop of 14.9% on the previous month’s sports betting handle but a significant 69% increase on the same period in 2021 when only seven sportsbooks were in operation.
Payouts to winners for the month of April came to $363.2 million. This was from a combined win percentage of 9.08% up from the 7.18% reported in the previous month and more than 1 point higher than the 8.04% reported in January’s record-breaking month.
The report also reveals that the total amount won by Virginia gamblers since sports betting in Virginia launched in January 2021 now sits at $4.5 billion from total wagers of $4.9 billion.
Bonuses and promotions for the month totaled $11.2 million down by 20.5% when compared to the previous month while other deductions came to $4.2 million. This resulted in combined adjusted gross revenue (AGR) of $20.7 million up by 43.9% from the AGR posted in March.
Once again, only five of the state’s 12 mobile sports betting operators reported a positive AGR for the month of April resulting in state taxes of just over $3 million, an increase of almost $1 million on the previous month. This brings the total amount paid to the state since the industry launched to $29.7 million.
In related news, the Virginia Lottery issued its first land-based casino license to Hard Rock Bristol. The casino operator expects to open a temporary gaming facility in July of 2022 which is expected to include a retails sportsbook.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.