March Madness is quite obviously absent in April, and it is the most plausible reason for the decline in sports betting activity across the country. Virginia is not spared from this, as the Virginia sports betting handle declines in April. Across the Virginia Lottery, the total monthly handle for sports betting in the state is at $425.9 million. This is 16.7% less than the previous month.
The numbers are not quite as bad, since April’s handle this year is still 7% higher than last year’s. And despite the dip in handle, the hold percentage continues to be good for the state’s sportsbooks. When becoming a bookie, you will encounter guides about the win rate, or hold percentage. But simply put, this is the percentage that the sportsbook keeps as profit.
You can easily track your own sportsbook’s betting handle, hold percentage, and other information with the help of a sportsbook pay per head software. This tool is very important in determining the status of your sportsbook operation. For instance, in the case of Virginia sportsbooks, we know that even with the dip in handle, the year-on-year handle increase, and the hold percentage still tells us that there is growth in the market, and that sportsbooks earned well in this period.
Virginia Sports Betting Handle and Other Numbers
The revenue for the state’s sportsbooks in April is at $45 million, with $38.9 million in taxable revenue. This gives us a 10.6% hold for the month. A double-digit win rate means more income for bookies, and Virginia has been lucky this year. The monthly hold percentages have ranged from 9.1% to 10.8% this year. As for the platforms that bettors choose to place wagers, online sportsbooks reign supreme. 99% of all wagers placed in April are through online sportsbooks.
This is why we very much recommend that you look at this betting directory to get as much reliable information on sports betting you can. When you run your own sportsbook, and encounter a dip in betting handle, you can easily know when and how to look at other indicators to see if you are still earning money.