(The Center Square) – Online sports betting in Virginia declined from March to April of this year, but April’s numbers were nearly 70% higher than they were in April of last year, according to numbers released by the sports betting analysis website PlayVirginia.com.
“Without football or a big betting event like the first weekend of the NCAA Tournament, sportsbooks traditionally lose steam heading into the summer,” Eric Ramsey, an analyst with PlayVirginia parent company PlayUSA, said in a statement.
“But the year-over-year gains remain consistently strong, showing that the industry has so far been mostly unaffected by struggles in the greater economy,” Ramsey continued. “But those headwinds do represent the most significant threat to the relentless growth Virginia’s sports betting industry has enjoyed since the beginning.”
In April, people placed nearly $400 million worth of sports bets in Virginia sportsbooks, which is 69% higher than last April’s $236.4 million of bets. It is, however, 15% lower than March’s bets, which amounted to nearly $470 million. There were about $13.3 million bets per day in April, compared to $15.1 million per day in March.
Despite the lower betting numbers in April, sportsbooks made more money. By the end of the month, sportsbooks took in about $36.3 million in gross revenue, compared to $33.7 million in March. April’s revenue was also 86% higher than it was last year, in which sportsbooks only took in $19.4 million in revenue.
Sportsbooks paid about $3 million in state taxes in April.
“There was enough general interest in the NBA Playoffs, the Final Four, and the first month of baseball, among other attractions, to engage bettors in April,” Ramsey said. “Those opportunities will shrink in the coming months, until football season kicks off. But Virginia’s young market is well-positioned for another surge this fall.”
Online sports betting is less than a year and a half old in the commonwealth. The bets became legal on Jan. 21, 2021 after former Gov. Ralph Northam signed legislation in 2020 to legalize the practice.
https://www.thecentersquare.com/virginia/april-sports-betting-in-virginia-was-70-higher-than-last-year/article_0e30010c-e2b6-11ec-a448-db3c51a7bddd.html