Virginians bet nearly $426M on sports in April

Virginians wagered $425.98 million in April, up 6.6% from the year prior, according to data released June 1 by the Virginia Lottery.

About $422 million in sports betting revenue came from mobile operators, and the remaining $3.5 million came from casino retail activity out of the temporary Hard Rock Hotel & Casino Bristol and the state’s first permanent casino, Rivers Casino Portsmouth. Virginia casino total gaming revenues totaled $35.4 million in April, according to the Virginia Lottery. Virginia’s third casino, the temporary Caesars Virginia resort in Danville, opened May 15.

April’s sports betting revenues decreased almost 16.7% from the $511.6 million reported in March. Virginia sports bettors won $380.86 million in April, down from $456 million in March.

A summer slump in sports betting is normal, according to Dru James, an analyst with Virginia Lottery-approved sports betting vendor BetVirginia.com.

“The industry-dreaded summer of discontent will likely contain persistent short-term drops through the summer and into September, where they should pick back up as professional sports return to the calendar,” James said in a statement. “In the meantime, year-over-year figures will be a much stronger indicator of market health in the state of Virginia and beyond.”

The 16 licensed operators included in April’s reporting were:

• Betfair Interactive US LLC (FanDuel) in partnership with the Washington Commanders,
• Crown Virginia Gaming LLC (Draft Kings),
• BetMGM LLC,
• Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth),
• Caesars Virginia LLC,
• WSI US LLC,
• Twin River Management Group LLC,
• Penn Sports Interactive LLC,
• Unibet Interactive Inc.,
• Colonial Downs Group LLC,
• Digital Gaming Corporation VA LLC,
• VHL VA LLC,
• HR Bristol LLC,
• Hillside (Virginia) LLC,
• DC Sports Facilities Entertainment LLC,
• and Betr VA LLC.

Virginia places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With 10 operators reporting net positive adjusted gross revenue for April, the monthly taxes totaled $5.8 million, 97.5% of which will be deposited in the state’s general fund. The remainder, nearly $145,000, will go to the Problem Gambling Treatment and Support Fund, which the Virginia Department of Behavioral Health and Developmental Services administers.