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Sportsbook

Virginia tops USD 10 B in all-time sports wagering handle

Monday 05 de June 2023 / 12:00

2 minutos de lectura

(Virginia).- Virginia has become the ninth state in the post-PASPA era to surpass $10 billion in all-time sports wagering handle, after the Virginia Lottery on Thursday reported close to $426 million in accepted wagers for the month of April.

Virginia tops USD 10 B in all-time sports wagering handle

The Old Dominion joined New Jersey, Nevada, New York, Illinois, Pennsylvania, Indiana, Colorado, and Michigan in reaching the benchmark, doing so in 28 months of wagering since launching in late January 2021. Virginia has topped $400 million handle for eight consecutive months, its longest such run since legalization. This year’s handle represented a 6.6% increase compared to April 2022, when the total was just shy of $400 million. The April handle was 16.7% lower than in March, which is traditionally a month with more betting.

Operators had a relatively strong April, generating more than $45.1 million in gross revenue for a 10.6% hold. Virginia sportsbooks have posted a 9.1% or better win rate for 10 months running, with April marking the sixth time in that span it topped 10%. The state was able to levy its 15% tax rate on more than $38.9 million in adjusted revenue, resulting in nearly $5.8 million entering tax coffers.

The $157.1 million in adjusted revenue through the first four months of the year is 156.7% higher compared to the same period in 2022, which has contributed to an additional $14.8 million in tax revenue year-over-year. Virginia has received close to $24.3 million in tax revenue from sports wagering through the first four months of 2023.

With the smaller inventory of sports in the second half of April following the conclusion of the NBA and NHL regular seasons, it would make sense that deductible operator promotional spend — for those mobile books eligible to deduct such offerings — would drop notably. The four operators believed to be eligible to deduct promotional offers — Betway, SI Sportsbook, Betfred and bet365 — reported a combined $1.9 million in such deductions, down 48.9% from the previous month. It is also believed April is the final month Betway and SI Sportsbook were eligible to do so, having launched operations in May 2022.

The Virginia Lottery, which does not disclose individual operator handle or revenue totals in its monthly release, reported 10 operators finished with positive adjusted gross revenue (AGR) to be eligible for taxes. It did not, however, specify if either retail book was among the 10 or if it was exclusively mobile operators. The deductions for operators who either carried over a negative AGR from March or had negative AGR in April totaled more than $4.2 million in April, up 11.6% from March.

Categoría:Sportsbook

Tags: Sin tags

País: United States

Región: North America

Event

PGS, Perú Gaming Show 2024

12 de June 2024

Gambling regulation in Peru: evolution towards stability and legal certainty

(Lima, Exclusive SoloAzar) - From the repeal of the 20% tax by the Constitutional Court to the implementation of the Reorganisation and Formalisation Law, the regulation of gambling in Peru has undergone multiple changes. In this article, SoloAzar summarises the presentation by Dr. Constante Traverso, lawyer and head of APEJA, during the PGS, who underlines the need for a stable and fair public policy.

Wednesday 19 Jun 2024 / 12:00

Win Systems concludes a successful participation in Peru Gaming Show 2024

(Barcelona).- Win Systems, a leading technology provider for the gaming and entertainment industry, celebrates a successful participation in the recent edition of the Peru Gaming Show (PGS), which took place on June 12th and 13th at the Jockey Convention Center in Lima, Peru. The event was a perfect platform to showcase the company’s innovative solutions and cutting-edge products, specifically designed for the Peruvian market.

Wednesday 19 Jun 2024 / 12:00

The impact of AI on marketing campaigns, a featured topic at PGS 2024 conferences

(Lima, SoloAzar Exclusive).- Rony Vexelman, Marketing Manager of Optimove, presented the conference “Maximizing AI, the evolution of roles in iGaming”, within PGS event, held last week in Peru. From SoloAzar we share the highlights of the talk that shows how AI impacts online gaming and sports betting marketing campaigns.

Tuesday 18 Jun 2024 / 12:00

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