US April round-up: growth in Virginia, mixed month for Colorado – iGaming Business

Analysing the latest monthly sports betting results from across the US, iGB takes a look at year-on-year growth in Virginia during April and a month of mixed fortunes in Colorado.

Virginia reported an increase in both sports betting revenue and handle in April. However, while Colorado saw player spending rise year-on-year, total wagering revenue was lower.

Beginning in Virginia with player spending, this amounted to $563.5m (442.4m/519.2m. This represents a year-on-year rise of 32.3% but 11.3% less thanMarchs $635.5m total.

Bettors spent some $559.3m betting online, plus $4.2m at retail sportsbooks in land-based casinos across Virginia.

As for adjusted gross revenue, this hit $54.6m, which is 40.4% higher than April last year and 28.8% more than $42.4m in March this year.

Of this total, $54.5m came from online betting, while just $110,208 was generated in retail revenue.

Adjusted gross revenue is calculated by taking off player winnings, bonuses and promotion and other deductions from gross revenue. Virginia takes adjusted gross revenue at a flat rate of 15.0%.

Players won a total of $502.9m from sports betting in April, with the state generating $8.2m in tax. Virginia does not disclose information on individual operators, but it was revealed that 12 of its licensed operators posted positive adjusted gross revenue during the month.

Turning now to Colorado and there were somewhat mixed results from sports betting in April.

Player spending during the month reach $509.5m, which is 22.0% higheryear-on-yearbut down 14.1% fromMarch. This includes $507.1m worth of online bets and $2.4m from the retail market.

Basketball drew the most bets, with consumers wagering a total of $169.6m during April. A further $85.9m was bet on baseball, with tennis betting amounting to $32.5m.

Turning to revenue, total gross gaming revenue from sports betting hit $32.0m. This is 8.8% less than last year and also 28.9% behind the $45.0m posted in March this year.

Online gross gaming revenue amounted to $32.2m, but the overall market figure was hit by a $160,166 loss from retail betting.

Players won a total of $477.5m from sports betting, with the state collecting $1.9m in tax.

Here is the original post:

US April round-up: growth in Virginia, mixed month for Colorado - iGaming Business