Virginia sports betting handle increased over 8% year-over-year for the second consecutive month.
Key takeaways
- The Old Dominion’s 14 online sportsbooks generated over $603 million in bets.
- Year-over-year revenue spiked 3.6% as operators did well in the NBA Playoffs.
- Virginia’s win rates were all over the place the last seven months in a fairly consistent market.
The Virginia Lottery recently reported a $609.7 million April handle, up from $563.5 million the same month in 2024. 14 Virginia online sports betting operators had $603.7 million of the total handle, while three retail sportsbooks generated $6 million in March bets.
The Old Dominion’s three in-person casinos struggled against sports bettors, losing over $437,000 in April.
Coming off a good run against NBA Playoff customers, year-over-year gross revenue rose 3.6% to $62.8 million in April, producing a solid 10.3% hold down from the previous year’s 10.8% win rate.
Virginia Lottery reported 11 operators recorded a positive AGR in April, filling state coffers with $8.5 million in tax revenue from $56.1 million.
| April | Online | Retail |
|---|---|---|
| Sports betting handle | $603,711,942 | $6,002,046 |
| Adjusted gross revenue | $56,620,035 | -$473,390 |
Up and down holds
In a state fairly consistent with operator win rates, Virginia’s sportsbooks were on a roller coaster ride over the last seven months.
The commonwealth produced three single-digit holds, including two of the lowest of the past 16 months. March's 7.3% win rate was especially disappointing for operators during college basketball’s postseason, with few upsets in the NCAA tournament.
In a market where average hold hovered around 10% for the last four years, the other four months generated double-digit holds, including three win rates over 11%. Virginia now heads into the summer, which traditionally leads to smaller handles, but the previous two years produced double-digit holds during the sports calendar's slower portion.
Casino revenue falls
Virginia’s three in-person casinos produced $78.7 million in adjusted gaming revenue and paid out $14.2 million in taxes to the commonwealth in April. Monthly profits were down from the $85.2 million in AGR they generated in March.
Caesars Virginia continued to lead the state’s casinos with $32.4 million in AGR, including $23.7 million from slots play. River Casino Portsmouth finished second with $25.3 million in income, while Hard Rock Bristol wasn’t far behind with $21 million in profit from slots and table games.
