Virginia’s Sports Betting Landscape: A Financial Overview for March
In March, sports enthusiasts in Virginia placed a staggering $689.7 million in bets, a figure reflecting a vibrant and growing interest in sports wagering within the state.
The uptick in consumer engagement contributed to a significant rise in adjusted gross revenue, soaring by 6.4% compared to the same month last year. For March, the adjusted gross revenue reached $45.1 million, surpassing last year’s figure of $42.4 million but falling short by 27.1% when compared to February’s numbers.
Mobile platforms dominated the betting scene, generating $44.4 million of the total revenue, while retail outlets accounted for a modest $692,282. The insights stem from data provided by the Virginia Lottery, which tracks these important metrics.
Breaking down the spending patterns, the total handle for March reflected an 8% increase year-on-year and a notable 23.9% jump from February, reaching $689.7 million. A substantial portion — $683.1 million — was wagered through mobile and online channels, with only $6.6 million coming from retail sportsbooks operating in the state. This setup resulted in an overall hold rate of 6.58%.
Return on Bets: Virginia Players’ Share
While detailed insights into individual operators remain undisclosed, the Virginia Lottery does share valuable statistics. According to their report, players collectively received back $639 million from sports betting during the month. Additionally, there were $5.6 million recorded in unspecified "other deductions."
On the taxation front, March saw the collection of $6.8 million from sports betting activities. This revenue is allocated to various funds, with $6.6 million directed towards the General Fund and $168,873 earmarked for the Problem Gambling Treatment and Support Fund.
In total, 14 mobile operators along with three casinos were authorized to cater to bettors in Virginia during March, reflecting a competitive and expanding market for sports betting in the state.