Sports betting market in Virginia recorded a decline in April for the first time since its launch in January, in line with the nationwide trend of declining betting volumes due to the slower schedule of spring and summer sports.
Some games are irreplaceable
Virginia fell below this April 240 million to remind everyone that sports betting volumes are seasonal as competitions like National Football League (NFL)) and National Collegiate Athletic Association (NCAA) represent the interests of the player that cannot be replaced by any other competition.
According to analysts following the development of the industry, the seasonal slowdown is expected to have an impact on sports betting volumes nationwide until the start of the new football season.
Data released on Friday by Virginia Lottery showed bookmakers in generated condition $236. A total of 4 million bets in April, representing 19.2% sequential decline from $304.1 million in March. The April sports betting handle represented the lowest monthly reading compared to the first full 3 months of sports betting in the state.
Average daily April USD 7.9 million was 22.3% less compared to the March daily average $ 9.8 million , a decline due to the lack of important sports holidays that would arouse the interest of players.
Virginia Bookmakers Detained $22.4 million for April bets, 41% fell from $25.6 million March betting wins. Adjusted gross revenues amounted to $13.4 million , 17.4% lower than $ .8 million in the previous month, which gives 1.7 .$ million in state taxes, of which $27,236 intended for solving problems related to gambling.
A month of decline in the number of sports bets
Virginia's sports betting decline was in line with month-to-month declines in other states including Indiana (-25.4%), Iowa (-26.7%) and Michigan (-0.5%) post a greater decline than Virginia while others like New Jersey (-13%), Tennessee (-13.6%), Pennsylvania (-13.4%), and Colorado (-18.8%) experiencing smaller ones.
Despite the slowdown in April, Vi rginia is still on track to become the fastest-reaching country 1 billion the threshold after the assembly $304.2 million in betting since the launch of sports betting in late January.
Being only $236 million under $ 1 billion, Virginia is in a prime position to break the threshold in May, hers 5 month of business and ahead of Tennessee, which reached a milestone after 6 months of operation.
Factors that could push Virginia are deeper into the summer than usual National Basketball League (NBA) playoffs and Olympic Games as well as the potential expansion of sports betting in the state thanks to the upcoming launch Penn National's bookmaker app Barstool scheduled before the start of the football season.