Virginia sports betting revenue and handle increase in March

In March, Virginia’s sports betting market witnessed a remarkable total wagering of $689.7 million.

This surge in player spending significantly contributed to a year-on-year increase of 6.4% in adjusted gross revenue, which reached an impressive $45.1 million. While this figure surpassed the $42.4 million generated in March of the previous year, it fell 27.1% short compared to February’s revenue.

A predominant share of the revenue, amounting to $44.4 million, originated from mobile betting, indicating a continuing trend towards digital platforms. Retail sportsbooks accounted for a modest $692,282, as reported by the Virginia Lottery.

Overall, the handle for sports betting in March culminated in $689.7 million—a robust 8% increase from the previous year and a notable 23.9% rise compared to February. Of this total, a staggering $683.1 million was wagered through online and mobile platforms, leaving $6.5 million placed at physical retail sportsbooks statewide.

This performance resulted in a statewide hold of 6.58%, reflecting a healthy marketplace in Virginia.

Virginia Players Reclaim $639 Million of Their Bets

While the Virginia Lottery does not disclose details on individual operators, it does provide other valuable insights. The monthly report indicates that players collectively received back $639 million from their sports betting activities in March. Additionally, there were $5.6 million in reported undisclosed “other deductions.”

From a tax perspective, the state collected $6.8 million from sports betting during March. Of this total, $6.6 million was allocated to the General Fund, while $168,873 was directed towards the Problem Gambling Treatment and Support Fund.

In March, Virginia authorized a total of 14 mobile operators and three casinos to engage in sports betting activities, underscoring the state’s commitment to a diversified and competitive gambling landscape.