Virginia Sports Betting Sets an April Record in 2024

An April record for Virginia sports betting has been set based on 2024 numbers released by the Virginia Lottery on Friday, May 31.

The state reported about $563.5 million in bets for the month, up 32.3% from $426 million in April 2023.

Gambling revenue has grown each April since the industry arrived in 2021, based on the handle (the amount wagered by all sports bettors):

• 2021 — $236,432,523
• 2022 — $399,478,366
• 2023 — $425,982,859
• 2024 — $563,495,540

Behind the Virginia Sports Betting Numbers

The industry in Virginia has grown in two ways since 2023. The Virginia Lottery drew its numbers from 12 sportsbooks in 2024, compared to 10 for the same month a year ago.

Three casinos contributed to the state’s in-person sports betting numbers in April 2024, while only two were open in 2023. However, online sports betting is the overwhelming option for most Virginia sportsbook customers, at about 99%.

From the nearly $563.5 million in bets, Virginia gamblers won $502.9 million from Virginia apps and sportsbooks. That created a hold — or winning percentage — of 10.75% from the sportsbook companies in April.

Virginia taxes the revenue at 15%, so the state collected $8.21 million from sports gambling in April. State law sets aside 2.5% for the Virginia Department of Behavioral Health and Developmental Services, which received $205,259 in April.

The general fund receives 97.5% of sports betting revenue, which was just over $8 million in taxes for the month.

April Numbers Are Down From March

April sports betting was down about 11.3% compared to March 2024. The late-spring decline is typical since the NFL and March Madness are no longer betting options.

Sports betting is seasonal, so lower numbers are likely in May, June, and July.

FanDuel leads the Virginia sports wagering industry with 40.1% of the market share for the January to March 2024 quarter.

DraftKings follows at 27.2%. BetMGM Sportsbook is third at 10.8%. Caesars (6.1%) and ESPN Sportsbook (5%) round out the top five.

Two sports betting companies recently left the state. WynnBet completed its closure in April, and Unibet Sportsbook shut down on April 11, 2024.

Virginia will also lose 888 Sportsbook, also known as SI Sportsbook, in June.

READ MORE:

• Virginia College Sports Betting May Be Allowed With New Bill
• Virginia Sports Betting Revenue Reaches All-Time High in January
• Virginia’s Betting Handle, Revenue Drops in February