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Sports Betting Handle in Virginia Drops by 22% in April

Virginia’s sports betting industry has been in operation for just over three months and has already received almost $900 million worth of bets. April’s handle, coming in at $236,432,524, was a decline relative to numbers from recent months. When weighed against the numbers from March, the monthly total fell by 22%. Of the $236 million, player wins accounted for about $216 million.

Virginia Basketball player

Virginia’s sports betting industry has been in operation for just over three months and has already received almost $900 million worth of bets. April’s handle, coming in at $236,432,524, was a decline relative to numbers from recent months. When weighed against the numbers from March, the monthly total fell by 22%. Of the $236 million, player wins accounted for about $216 million.

Sports Betting Records First Month-over-Month Fall

Sports betting in Virginia was launched on January 21, 2021, and in the first couple of months, the industry experienced a rise in betting numbers. April, however, saw the industry record its first month-over-month drop.

The total handle for March surpassed the $300 million mark, a height most likely influenced by the NCAA March Madness games that were available to bettors.

Sportsbooks in Virginia earned $26.6 million in March but experienced a considerable decline in April, pulling in $19.4 million. After adjustments, the total gross revenue for the month stood at $11.4 million. $1.7 million was provided in taxes and about $41,000 for problem gambling.

Professional leagues such as the NHL, NBA, and MLB are top betting options in the sports betting industry, but they typically do not gather as much activity as the NFL and the NCAA March Madness. Most states experience a decrease in interest during the months when spring rolls into summer and league seasons change.

Unibet Launches in Virginia

The month of April saw Unibet become the newest operator in the sports betting market. The brand was launched by Pala Interactive LLC, an online gaming company owned by The Pala Band of Mission Indians, in collaboration with the Kindred Group. The brand was launched in Virginia not so long after it began activities in Indiana and Pennsylvania.

As April drew to a close, the Kindred Group gained approval from the state, and online gaming services kicked off. Subsequently, Unibet Interactive was granted direct market access mobile sports betting permit in Virginia. The brand’s online sportsbook has a sleek interface that comes with popular green and white coloring.

The left-hand side of the home page screen contains a list of all the favorite markets, making it easy for players to pick a bet option and place their bets. There is also a section where live events are listed as they happen for bettors looking to take part in in-play betting.

The sports betting industry in Virginia is not so far off from hitting the $1 billion mark for wagers made. If it receives about $140 million in bets this month, it’ll become the fastest state in the US to reach that milestone. Numbers for this month will be released soon, so the state’s performance will be clear for all to see. But one thing is certain: the more operators that join, the faster the brand can reach that mark.

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