Sportsbooks' Profits in Virginia Level Off in April
RICHMOND, Va. (AP) — Sportsbooks in Virginia saw their growth fall off in April, with no marquee events like February's Super Bowl and March's NCAA basketball tournament to drive revenue.
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Still, taxpayers made out better than ever, as the sportsbooks generated more tax revenue for the state than they have since sports betting launched in Virginia in January.
The Virginia Lottery reported Friday that bettors in Virginia wagered a collective $236 million in April. That's a 22 percent drop from the record $304 million wagered in March.
But sportsbooks' actual profits did not fall nearly as much, in part because they are paying fewer bonuses to attract new customers.
As a result, the tax revenue Virginia collected actually increased by 40 percent, from $1.18 million in March to $1.65 in April.
Seven online sportsbooks are now up and running in Virginia.
