Virginia sports bettors wagered almost $400 million online in April, a decrease of about 14.9% from March’s handle of about $469.5 million. Sports wagering typically tapers off during spring and summer, and March got a boost from the wagering on the first four rounds of the NCAA Basketball Tournament.
More exactly, the April Virginia sports gambling handle of nearly $399.48 million produced an adjusted gross revenue (AGR) of more than $20.76 million after allowing for promotions and bonuses ($11.25 million) and other deductions. The combined hold for the operators was 9.08%.
April’s sports betting AGR of $20.76 million was up 44.9% from March ($14.32 million) and up 82.4% from April 2021 ($11.38 million). The operators’ collective AGR got a lift from an improved hold compared to March when it was 7.18%.
Virginia Sports Betting, April vs. March
VA Handle Rises Year Over Year
In the year-over-year same month comparison, the April handle of nearly $400 million was an increase of 69% from April 2021 ($236.43 million). Virginia launched online sports wagering in January 2021 and by April of last year, the commonwealth had just five operators. During April 2022, it had 12 licensed operators.
The April sports betting taxes were just over $3 million, up 43.7% from March (about $2.1 million) and up 84% from April 2021 ($1.65 million).
Hard Rock Casino on the Way
While sports wagering has been entirely online in Virginia, the commonwealth will soon have its first brick-and-mortar casino. On April 27, the Virginia Lottery Board issued to Hard Rock Bristol a facility operator’s license to operate Virginia’s first casino.
An announcement has been made for a July 8 opening of a temporary casino at the former Bristol Mall in Bristol. A permanent casino is planned for the summer of 2024.
There is no Virginia online casino gambling yet.
2 New Sportsbooks Launched in May
Though they weren’t reflected in the April sports betting figures, two new online sportsbooks launched in Virginia in May.
SI Sportsbook went live on May 9, becoming the 13th sportsbook to launch in the Virginia online market. The sportsbook received a permit from the Virginia Lottery Board in November.
The Betway mobile sports betting app went live in Virginia on May 18, becoming the 14th online sportsbook since the market launched in January 2021. Betway, which is owned by Super Group, was awarded a temporary permit to operate in Virginia in November.