After just over three months of service, the sports betting industry in Virginia has reached almost $900 million in bets. In April, the total handle came in at $236,432,524, which is a drop considering recent numbers. Of that number, players won just over $216 million. When compared to March, the monthly total dropped just over 22%.
First Month-over-Month Decline
The month of April marked the first time that the sports betting industry saw a month-over-month decline. The industry just started this year on January 21 and has continued to see an increase in betting numbers. In March, the total handle reached $304 million, but the month was also a time when bettors had access to NCAA March Madness games.
Last month, sportsbooks in the state earned $19.4 million. This was a significant drop from the $26.6 million the previous month. The adjusted gross revenue total came in at $11.4 million. In total, April provided $1.7 million in taxes plus just over $41,000 for problem gambling.
The sports betting industry has NHL, NBA, and MLB betting options, but these leagues do not generally garner as much interest as the NFL and NCAA March Madness. Almost every state sees a slowdown during the late spring into summer months as the league seasons change.
During the month of April, the sports betting market also welcomed a new operator, Unibet. The Pala Band of Mission Indians online gaming company Pala Interactive LLC launched the brand in the state in partnership with the Kindred Group. The launch came shortly after the brand went live in Pennsylvania and Indiana.
The online gaming services were able to launch in the state after the Kindred Group was approved in late April of this year. Unibet Interactive was given direct market access mobile sports betting permit. The Unibet online sportsbook features a streamlined look with familiar green and white coloring.
On the left-hand side of the home page, bettors will find popular markets listed along with all sports on offer. Easily select an option and start wagering. The site also lists the current live events so players can get started with in-play betting.
As more operators join the industry in Virginia, the state will get closer to the $1 billion wager milestone at a faster rate. The brand is close and could become the fastest to hit the mark in the United States if they can manage around $140 million in wagers this month. The totals will be out soon, so we will see just how the state was able to fare in this latest month.
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