According to the Virginia Lottery’s latest monthly revenue report, VA sportsbooks had a busy April.
Virginian players gambled over $10 million since online sports betting launched in the state in January 2021. After deductions, the state gathered nearly $6 million in April.
Virginia became the ninth state to reach this landmark since the US Supreme Court ruled the Professional and Amateur Sports Protection Act (PASPA) unconstitutional, allowing states to legalize online gambling markets.
Virginia sports betting handle increased yearly but dropped monthly
From April 1 to April 30, 2023, Virginia sportsbooks generated nearly $426 million in betting handle. It is the eighth consecutive month that Virginians have gambled more than $400 million in a single month.
The figure is a 6.6% yearly increase from April last year. However, it is a monthly decrease of nearly 17% compared to March 2023.
Virginia Lottery’s report states that players won $380.86 million for a combined 10.59% operator win percentage.
April marks the tenth month that local sportsbooks have recorded a win percentage of over 9.1%. It is also the sixth time it went over the 10% threshold.
Virginia sportsbooks collected $38.93 million in AGR
Virginia operators collected almost $5.8 million in tax payments
Virginia’s state law places a 15% tax rate on sports betting activity. The tax is based on each permit holder’s AGR, defined as the total bets minus total winnings and other authorized deductions.
Of the state tax on sports betting AGR, 97.5% must go into the state’s General Fund. The remaining 2.5% goes to the Problem Gambling Treatment and Support Fund. The Virginia Department of Behavioral Health and Development Services administrates the fund.
Last month, the state collected the following amounts:
- Almost $5.8 million in tax payments
- Nearly $5.65 million for General Fund Allocation
- About $145,000 for Problem Gambling Treatment and Support Fund Allocation
Just like last month, out of 16 approved sportsbooks in Virginia, ten reported a positive AGR for March.