Virginia Sportsbooks Record Double Digit Hold Percentage in April

Virginia Sportsbooks Record Double Digit Hold Percentage in April

Spring usually means less wagering activity in the US sports betting market. This is due to a slower sports calendar as college sports are on a break, and so is the NFL. These leagues make up the top ranked sports when it comes to sports betting. Without college basketball, football, and the NFL, NBA and MLB betting keeps Virginia sportsbooks afloat. And even with a decrease in handle, the hold is in the double-digits, giving bookies a good bottom line for the month.

Let us break down the numbers and understand how a lower handle would give us a higher hold. If you are new and about to become a bookie agent, looking at a report like this might be confusing. To help you understand, in sports betting, more bets coming in does not equate to higher revenue. The hold percentage, or the percentage that sportsbooks keep after paying out winnings, will determine your sportsbook’s revenue.

Virginia Sportsbooks Win in April

Virginia Sportsbooks Record Double Digit Hold Percentage in AprilThe total monthly handle for the month of April is $563.5 million. This is 11% lower than March’s handle. But this is to be expected since we are only getting the residuals of March Madness betting during April. The win rate, however, climbed from March’s 7.5% hold to 10.8%. This leads to a gross revenue of $60.6 million for April. The revenue is 27% higher than March’s revenue.

Virginia offers both retail and online sports betting. Online sportsbooks takes the bulk of the action with $559.3 million in handle and $54.5 million in adjusted gross revenue. Meanwhile, retail sportsbooks in the state took in $4.1 million in wagers, and have an adjusted gross revenue of $110,000. The popularity of online betting continues to make online sportsbooks the top platform that bettors use. This is why there is a demand for turnkey sports betting software for bookies. Revenue continues to increase for online sportsbooks, making it an attractive business venture for those who want to earn more.

Virginia Sports Betting Does Better than 2023

Virginia Sportsbooks Record Double Digit Hold Percentage in AprilNormally, when we look at betting trends, month-on-month data gives us an idea on betting trends that are normally tied to the sports calendar. Thus, it is not accurate to help you determine your sportsbook’s growth.

If you want to look at how your sportsbook is improving, look at your year-on-year numbers, if it is available to you. Learn how to find the right sportsbook pay per head software to access this. For instance, the Price Per Player software will help you generate reports to collect your sportsbook’s data. You can save those reports and see how your sportsbook has performed in the same month of the previous year.

For instance, in Virginia, the year-on-year handle is 32.3% higher than that of April 2023. Similarly, gross revenue is also much higher, with a significant 34.3% increase year-on-year. What does it tell us? The report states that the industry has grown since last year, as we are seeing almost 1/3 more activity and revenue from the same period in 2023.

 

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