Virginia sports betting handle comes in at $399.5m in April

The Virginia Lottery has reported a decrease of 14.9 per cent from March but an increase of 69 per cent from April 2021.

US.- The Virginia Lottery has reported a sports betting handle of $399.5m for April, down 14.9 per cent compared to March but up 69 per cent from April 2021. It was the first month with less than $400m in wager in Virginia since September.

Gross gaming revenue rose 9 per cent to nearly $36.3m. Declines in both promotional credit spend and deductions allowed the state to levy taxes on close to $20.8m in adjusted revenue, the second-highest total since Virginia went live in January 2021. The state collected $3m in tax receipts.

Five operators finished with positive adjusted revenue eligible for taxation, which accounted for 57.2 per cent of gross revenue.

Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayVirginia.com, said: “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. 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.”

“Without football or a big betting event like the first weekend of the NCAA Tournament, sportsbooks traditionally lose steam heading into the summer. 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.

“But those headwinds do represent the most significant threat to the relentless growth Virginia’s sports betting industry has enjoyed since the beginning.”

888 Holdings launches Sports Illustrated sportsbook in Virginia

888 Holdings has launched the Sports Illustrated (SI) sportsbook in Virginia. It’s the second state the app is available in, following the launch in Colorado in 2021. The operator plans to expand its SI sportsbook platform to other states in the coming months while integrating its tools, feeds, and widgets into Sports Illustrated’s digital content.

888 has partnered with Virtual Entertainment Partners (VEP) as part of its Virginian expansion. SI sportsbook is powered by official data from sporting leagues, such as NFL, NBA, MLB, NHL, NASCAR, and the English Premier League.

See also: Leadstar receives sports betting supplier licence in West Virginia