Virginia Sees First Sports Betting Revenue and Handle Declines In April
The Virginia Lottery in April reported the first month-on-month decline in sports wagering revenue and handle since the US state’s regulated market launched in January.
Adjusted gross revenue for April amounted to $ 11.4m, down 17.4% from $ 13.8m in March and also 6.6% lower than $ 12.2m in February, the first month of full regulation in Virginia.
Player spending on sports betting slipped 22.3% month-on-month to $ 236.4m, though the Virginia Lottery noted that March’s figures were helped by betting on the NCAA ‘March Madness’ college basketball tournament.
The April handle was also 11.1% lower than the $ 265.8m wagered by players in February.
Consumers won $ 217.0m from betting on sports during April, while the state generated $ 1.7m in tax from sports wagering. Virginia’s tax rate for sports betting is set at 15% of adjusted gross revenue – total bets minus winnings and other authorized deductions.
Flutter Entertainment-owned FanDuel, in partnership with the Washington Football Team, Crown Virginia Gaming and DraftKings, Portsmouth Gaming Holdings, and Rivers Casino Portsmouth, Caesars Virginia, WynnBet and BetMGM were active in the state during April.
Last week, Webis Holdings’ advanced-deposit wagering subsidiary WatchandWager also received approval for a one-year ADW license from the West Virginia Racing Commission.
(Photo : GamingAmericas)
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