Virginia’s mobile sports betting market emerged from its customer acquisition phase last month, posting net positive monthly revenues for the first time since launching in January 2021.
The April numbers released by the Virginia Lottery on Friday show a continuation of that positive trend. Virginia’s mobile sports betting apps produced $11,380,137 in combined revenue for April.
That figure marks a 17.8% month-to-month drop against March. Virtually all sports betting markets will show that same trend when the April numbers come in across the US, as the end of the fall and spring sports seasons typically lead to a decline in revenue.
VIRGINIA SPORTS BETTING REVENUE April 2021
|Overall Betting Handle||Adjusted Gross Revenue||Sports Betting State Tax|
|April 2021|| $236,432,523||$11,380,137||$1,652,147
Virginia’s mobile sportsbooks took $236,432,524 in wagers in April. While the April numbers from some major markets (like Illinois) are still pending, the $236.4 million in handle likely puts Virginia among the top six mobile sports betting markets in the US for the month.
The seven sports betting apps generated $1,652,146.82 in state taxes in April, the strongest month yet from the state’s perspective. The state takes a 15% tax from net positive adjusted gross revenues.
As many as five more online sportsbooks could join the Virginia market at some point, and the Old Dominion appears poised for a bright future in the US legal sports betting landscape.