Virginians bet nearly $426M on sports in April
Handle up 6.6% from April 2022
Virginians wagered $425.98 million in April, up 6.6% from the year prior, according to data released June 1 by the Virginia Lottery.
About $422 million in sports betting revenue came from mobile operators, and the remaining $3.5 million came from casino retail activity out of the temporary Hard Rock Hotel & Casino Bristol and the state’s first permanent casino, Rivers Casino Portsmouth. Virginia casino total gaming revenues totaled $35.4 million in April, according to the Virginia Lottery. Virginia’s third casino, the temporary Caesars Virginia resort in Danville, opened May 15.
April’s sports betting revenues decreased almost 16.7% from the $511.6 million reported in March. Virginia sports bettors won $380.86 million in April, down from $456 million in March.
A summer slump in sports betting is normal, according to Dru James, an analyst with Virginia Lottery-approved sports betting vendor BetVirginia.com.
“The industry-dreaded summer of discontent will likely contain persistent short-term drops through the summer and into September, where they should pick back up as professional sports return to the calendar,” James said in a statement. “In the meantime, year-over-year figures will be a much stronger indicator of market health in the state of Virginia and beyond.”
The 16 licensed operators included in April’s reporting were:
- Betfair Interactive US LLC (FanDuel) in partnership with the Washington Commanders,
- Crown Virginia Gaming LLC (Draft Kings),
- BetMGM LLC,
- Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth),
- Caesars Virginia LLC,
- WSI US LLC,
- Twin River Management Group LLC,
- Penn Sports Interactive LLC,
- Unibet Interactive Inc.,
- Colonial Downs Group LLC,
- Digital Gaming Corporation VA LLC,
- VHL VA LLC,
- HR Bristol LLC,
- Hillside (Virginia) LLC,
- DC Sports Facilities Entertainment LLC,
- and Betr VA LLC.
Virginia places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With 10 operators reporting net positive adjusted gross revenue for April, the monthly taxes totaled $5.8 million, 97.5% of which will be deposited in the state’s general fund. The remainder, nearly $145,000, will go to the Problem Gambling Treatment and Support Fund, which the Virginia Department of Behavioral Health and Developmental Services administers.