Virginia Sportsbooks Rebound To Over $500 Million In March Bets
Virginia exceeded $500,000,000 in March sports betting handle, a significant jump from both February and last March’s figures.
According to the Virginia Lottery, the state took a whopping $511,614,541 in bets in March. Of that number, $507,025,619 came from Virginia’s mobile sports betting operators while $4,588,922 came from retail casino activity.
Total Virginia sports betting revenue for March 2023 was $47,651,362.
Virginia sports betting handle increases
March handle for Virginia sports betting was up 9% compared to March 2022. It’s a 17.7% jump from February 2023, which saw $433.8 million in handle.
Virginia bettors won a total of $456.4 million; operator win percentage was 10.8%.
Retail betting saw a boost as well. Bristol Casino and Rivers in Portsmouth took $4.6 million, a $1 million jump up from February.
March’s $47.7 million in revenue is a large bump up from February’s $39.8 million.
These across-the-board increases make sense when you consider the sports betting landscape in March compared to February. Aside from the Super Bowl, February remains a relatively barren month for major sports. In March, the NCAA Tournament draws bettors of all sorts — seasoned gamblers and new bettors alike.
Virginia sports betting handle, revenue March 2023
|March 2023 Handle||February 2023 Handle||March 2023 Revenue||February 2023 Revenue|
$7.4 million in taxes paid by Virginia operators
Virginia sports betting law requires operators to fork up 15% of adjusted gross revenue (AGR) in tax contributions. AGR means total bets minus winnings. On AGR of $47.7 million, Virginia operators paid $7.4 million (7.5% of that payment goes to the General Fund. The remainder — about $185,000 — goes to the Problem Gambling Treatment and Support Fund.
Ten Virginia operators reported positive AGR for March, which means six operators did not make a profit and thus did not contribute to the state’s taxes during March.
Recent gambling developments in Virginia
Virginia’s gambling industry is on the rise. Betr Sportsbook is the state’s most recent sportsbook to earn a license and launch.
Meanwhile, on the land-based side, Danville’s Caesars Casino received its license on April 26 and could open this month.