Without a full month of college basketball and the residuals of March Madness, Old Dominion saw an 11% drop in the amount wagered in April.
However, the lighter action didn’t hurt revenue. The Virginia Lottery reported that the Commonwealth’s online and retail sports betting operators produced a 10.8% hold, up from March’s 7.5%, to generate $60.6 million in gross revenue in April.
It was the highest win rate for sportsbooks since January’s 11.4%.
Virginia operators hauled in a handle of $563.5 million as adjusted revenue reached $54.6 million after nearly $6 million in deductions. The $11,185 was the lowest allowable bonus and promotions in a single month this year.
Online sports betting accounted for $559.3 million of the total handle.
| Online | Retail | |
|---|---|---|
| Sports betting handle | $559.3 million | $4.1 million |
| Adjusted gross revenue | $54.5 million | 110K |
Better than 2023
While April’s handle couldn’t match March’s third-highest amount wagered ever in Virginia, the action was up 32.3% compared to April 2023.
Gross revenue saw a similar jump as profits rose 34.3% year-over-year and 27% month-over-month.
Twelve operators filled Old Dominion’s coffers with $8.2 million in tax revenue which puts Virginia’s year-to-date haul over $30 million. The April 2024 haul is also up 41% year-over-year for the Commonwealth.
Casino revenue falls
Virginia Lottery also reported this month that three land-based casinos generated $60.1 million of adjusted gross revenue in April, $5 million less than March’s total.
Monthly profits from slots and table games reached $60 million for the third time in 2024.
Rivers Casino Portsmouth’s $26.4 million led all the way while Caesars Virginia finished second at $19.7 million. HR Bristol added $13.9 million in revenue.
Casinos paid out $10.8 million in taxes to the Commonwealth, down from $11.7 million in March.
