Virginia sees first sports betting revenue and handle declines in April

| By Robert Fletcher
The Virginia Lottery in April reported the first month-on-month decline in sports wagering revenue and handle since the US state’s regulated market launched in January.

Adjusted gross revenue for April amounted to $11.4m, down 17.4% from $13.8m in Marchand also 6.6% lower than $12.2m in February, the first month of full regulation in Virginia.

Player spending on sports betting slipped 22.3% month-on-month to $236.4m, though the Virginia Lottery noted that March’s figures were helped by betting on the NCAA ‘March Madness’ college basketball tournament.

The April handle was also 11.1% lower than the $265.8m wagered by players in February.

Consumers won $217.0m from betting on sports during April, while the state generated $1.7m in tax from sports wagering in. Virginia’s tax rate for sports betting is set at 15% of adjusted gross revenue – total bets minus winnings and other authorized deductions.

Read the full story on iGB North America.

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