Sports Betting Remains Robust in April with $563 Million Handle

Written By Cheryl Coward on June 4, 2024
Aerial view of Norfolk, signifying April Virginia sports betting revenue.

April marked the eighth straight month that Virginia sports bettors wagered more than $500 million.

The state reported $563.5 million in sports betting handle in April. While a drop from the March Madness-fueled previous month, it was a 32.3% year-over-year increase from April 2023, underscoring the industry’s growth.

It resulted in $54.6 million in adjusted gross revenue for the month.

State collects $8.2 million in April

There are currently 15 Virginia sports betting operators, which produce the bulk of handle in the commonwealth. Online operators collected $559.3 million in handle in April. Activity at the state’s three casinos was a fraction of that–just $4.2 million.

Overall, bettors won just over $502.9 million, leading to a 10.75% hold. The state assesses a 15% tax on sports wagering based on adjusted gross revenue.

The state’s General Fund receives 97.5% of tax revenue, and 2.5% goes to the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services. In April, the state collected $8.2 million in tax revenue. From that, a little over $8 million went to the state’s General Fund, with $205,259 allocated to problem gambling treatment and support.

Monthly sports betting handle continues to outpace 2023

April’s sports betting revenue was 11.4% less than March’s, but it continued the trend of outpacing 2023 numbers. Here is the sports betting handle for each month in 2024 with the year-over-year improvement in parentheses.

  • January: $652.9 million (27.2%)
  • February: $545.1 million (25.6%)
  • March: $635.6 million (24.2%)
  • April: $563.5 million (32.3%)

The state doesn’t report revenue for each individual operator, but it did reveal that 12 operators reported net positive adjusted gross revenue for the month.

Parlay bets are a driving force behind robust sports betting activity. For the first three months of 2024, parlay bets accounted for 36.8% of bets placed. The percentage of parlay bets has gradually increased over the years. For the same period in 2021, those types of wagers accounted for 18.7% of bets, with steady rises in 2022 and 2023.

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Cheryl Coward

Cheryl Coward started her career as a news reporter in Washington, DC. She's a die-hard women's basketball fan and founded the website Hoopfeed.com as a result of that passion. She loves writing about sports on all levels and has previous experience covering sports betting regulations, operator marketing campaigns, and women's sports gambling topics.

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