The Virginia Lottery has announced sports betting numbers for the month of April, and the state was able to clear a benchmark with the totals. According to the report, the total handle for April was $425 million, pushing the state past a lifetime handle of more than $10 billion.
Virginia is now just the ninth state to ever clear the $10 billion mark in lifetime handle, and the state accomplished the feat in just 28 months of legal wagering. This state was never expected to be a major sports betting market, but it has consistently put up some terrific numbers.
Sports betting handle did fall by nearly 17% from what was reported in March, but that’s pretty typical throughout the industry. The handle did increase from the total that was reported in April 2022, and that’s something that hasn’t been seen in many other markets.
What’s even more impressive when looking at the numbers is how well the sportsbooks are performing against the public. The hold rate has been higher than 9% for ten straight months, and that’s above the national average.
The state of Virginia has been able to cash in $24.3 million in tax revenue so far in 2023, and that’s well above what was originally predicted when sports betting launched. New York is the all-time leader in sports betting handle since 2018 with nearly $38 billion.
Other States are Fading
It’s a great sign that sports betting in Virginia has gotten stronger year-over-year, and it’s even more impressive when you look at numbers from other states. Most of the other sports betting markets in the United States are seeing a significant drop in handle and revenue from 2022, but not in Virginia.
Virginia currently has the seventh-highest reported handle for the month of April, and the state has a chance to remain in the top 10. Some industry experts in other states are working hard to figure out why betting has declined, but Virginia continues to get results.
The total amount of revenue generated during the 2023 fiscal year is already double what it was in 2022, and there is still one month remaining.
Competition Coming From North Carolina
It will be interesting to see what the sports betting numbers in the state of Virginia look like in 2024, as there is going to be some new competition. North Carolina is close to legalizing online sports betting, and that should steal some bettors from the state.
Sports betting won’t be new in the state of North Carolina as there has already been retail sports wagering. Bettors haven’t been crossing the border to make those wagers, though, which could happen depending on what sportsbooks launch in North Carolina.
The U.S. sports betting industry has shown that there is still plenty of sports betting to go around, but Virginia will likely take a small hit. An April 2024 sports betting report in Virginia could paint a better picture of just how much impact there has been.