Virginia Sports Betting Revenue Drops With Each Successive Month
Since the launch of sports betting in Virginia in January, the combined gross gaming revenue declines over each successive month.
Due to slower summer sports schedules and the spring season, the reported drop in sports wagering to less than $240 million was obvious in April.
Jessica Welman, the analyst at PlayUSA.com Network, says, “April is a reminder of the seasonality of sports betting, and Virginia is not immune. In the United States, there really isn’t any way to replace the popularity of the NFL or the NCAA Tournament with bettors. The seasonal slowdown should last until football season, which will almost certainly return the market to significant growth.”
Virginia sportsbook made a revenue of $236.4 million in bets during April, as per the report released by The Virginia Lottery on 28th May 2021. The revenue went down up to 22.2% from $304.1 million in March, which was itself the lowest monthly revenue in Virginia’s three months of sports betting journey.
With no major sports event that might interest gamblers, the revenue generated by sportsbook got down to $7.9 million per day over the 30 days in April, which is lower than the revenue of $9.8 million generated in March.
Sportsbook won $19.4 million during April which was lower than $26.6 million earned in March. April win led up to $11.4 million as adjusted gross revenue which was lower than $13.8 million during March. The state tax generated in April was $1.7 million and $41,304 was provided to problem gambling support.
Every state with legal sports betting in the USA has reported a subsequent decline in the gross gaming revenue over the months. According to the largest sports betting market in the United States, April’s data reveals a subsequent decline in the revenue.
States like Iowa (-26.7%), Indiana (-25.4%), and Michigan (-30.5%) have experienced a drastic decline in their revenue when compared to Virginia. While states like New Jersey (-13%), Tennessee(-13.6%), Pennsylvania (-14.4%) and Colorado(-18.8%) were better than others.
Analyst at PlayUSA.com Network and PlayVirginia.com, Dustin Goukar said, “The lighter sports schedule came at a time when the initial enthusiasm from the launch of the sports betting naturally began to wane in Virginia, which steepened the monthly decline. Still, the revenue held relatively strong, producing the most tax revenue to date from the commonwealth. That is a good sign heading into summer. ”
The revenue generated in January was $865.2 million in Virginia. The state is in the practice of becoming the quickest state to mark the $1 billion revenue milestone.
The batch of quickest states in the race of the $1 billion milestones is currently held by Tennessee.