Virginia has set a new record for sports betting in April 2024, with a total handle of $563.5 million, marking a 32.3% increase from the previous year. The state has seen steady growth in gambling revenue since the industry was established in 2021, with licensed operators generating over $14 billion in bets to date.
The Virginia Lottery regulates 14 sportsbooks in the state, including major companies like FanDuel, DraftKings, and BetMGM. Three sports betting companies recently exited the state, including WynnBet and Unibet Sportsbook.
Despite the prohibition of online casinos in Virginia, sports betting has been thriving, with residents favoring online platforms. FanDuel leads the market with 40.1% of the market share, followed by DraftKings and BetMGM.
In April, gamblers won $502.9 million from their wagers, resulting in a hold of 10.75% for the month. Virginia collects taxes on sports wagering revenue at a rate of 15%, with $8.21 million collected in April. A portion of the revenue goes to fund the Virginia Department of Behavioral Health and Developmental Services.
Overall, sports betting has been a boon for the state, with total handle reaching $4.9 billion in the previous year. Despite the challenges, Virginia continues to see growth in the industry, with a diverse range of sportsbooks catering to residents’ needs.
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