The Virginia Lottery reported $60.6 million in gross sports betting revenue for April on Friday as operators avoided a third consecutive month with a sub-10% hold.
The 10.8% hold posted contributed to gross winnings surging 34.3% higher compared to April 2023 and 27% higher than the $47.7 million reported in March when the hold was only 7.5%. The last time sportsbooks in the Old Dominion had a three-month stretch with single-digit win rates came as part of a five-month stretch from December 2021 through April 2022.
Handle totaled $563.5 million, up 32.3% from 12 months prior, and was the sixth-highest amount in 40 months of legal sports betting in Virginia. The Commonwealth came within $5.7 million of pipping Nevada for the current No. 6 spot among states to report April figures. Virginia also became the ninth state to surpass $16 billion in all-time handle in the post-PASPA era.
The state was eligible to tax $54.6 million in adjusted gross revenue, resulting in an inflow of $8.2 million into its coffers. The $30.7 million in state taxes for the first four months of 2024 is nearly $6.5 million ahead of last year’s pace, and the all-time total cleared $175 million.