The latest monthly revenue report from the Virginia Lottery has revealed that Virginians have wagered more than $10 billion since the industry first launched in January 2021.
Virginia becomes the ninth state to reach this milestone since the U.S. Supreme Court ruled that the Professional and Amateur Sports Protection Act (PASPA) was unconstitutional allowing state’s to launch regulated sports betting markets.
The month of April saw sportsbooks in Virginia take in $426 million in wagers marking the eighth consecutive month that Virginians have wagered more than $400 million in a single month. The latest figures also represent a 6.6% increase on April 2022’s figure which was just a little short of $400 million while it was 16.7% lower than March of this year.
Combined revenue figures for the month came to $45.1 million from a 10.6% win percentage (hold). This is the tenth month in a row that local sportsbooks have recorded a win percentage of 9.1% or higher and the sixth time during that period that it broke the 10% threshold. As a result, the state collected almost $5.8 million from $38.9 million in taxable revenues.
For the first four months of 2023, the industry has generated $157.1 million in revenue. This marks a significant increase of 156.7% when compared to the same period in 2022.
Of the 16 approved Virginia sports betting operators, ten reported a positive AGR for the month of March.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.