The Virginia Lottery, the official gambling authority for the state, said that sports betting handle and sports betting revenue increased year-on-year in April, 2022.
The rise in spending came in part because more licensed operators became active in Virginia over the past year. In April 2021, there were only seven operators offering their products in the market, and this increased to 12 by April this year.
Other Key Points from the April 2022 Virginia Sports Betting Report
- Player spend amounted to $399.5 million. This was down 14.9% from $469.5 million reported in March 2022, but up 65% from the $236.4 million reported in April 2021.
- Adjusted gross gaming revenue (ie. total bets minus winnings, bonuses and promotions) soared from $11.7 million in April 2021, to $20.8 million in April 2022 – a significant 77.8% jump.
- The adjusted gross gaming revenue also increased month on month, jumping 45.5% compared to the $14.3 million reported in March 2021.
- Players won $363.2 from their sports bets placed in April 2022.
- Bonuses and promotions to the value of $11.3 million were issued to Virginian players.
- Sports betting contributed $3 million in taxes to the state in April. The vast majority of that sum was placed in the General Fun Allocation, while just over $75,000 went to the Problem Gambling Treatment and Support Fund Allocation.