Virginia’s sports betting industry continues its impressive growth trajectory as the state’s sports betting handle for March reached $511.6 million. This marks a substantial 9% year-on-year increase and an impressive 17.9% surge compared to February 2023. The robust performance in March signifies the state’s sustained appetite for sports wagering.
March: A Month of Milestones:
March’s sports betting handle is a testament to Virginia’s sports betting market’s consistency, as it marked the fifth time in the last six months that the handle fell between $500 million and $530 million. February was the sole exception due to its shorter 28-day duration.
Digital Dominance:
The lion’s share of wagers, more than $507 million, was placed online, showcasing the continued dominance of digital sports betting platforms in the market. Additionally, a combined $4.6 million in bets were made at retail sportsbooks situated within the Bristol Casino and Rivers Casino Portsmouth.
Impressive Revenue Figures:
The sportsbooks operating in the state reported an adjusted gross revenue (AGR) of $47.7 million for March. This robust financial performance reflects the lucrative nature of the sports betting industry in Virginia.
Tax Contributions:
Virginia’s sports betting activities contributed $7.4 million in taxes for the state in March. Of this amount, $7.2 million was allocated to the Virginia General Fund, providing a valuable financial injection for various state initiatives. The remaining $185,000 was earmarked for the Problem Gambling Treatment and Support Fund, underscoring the state’s commitment to responsible gaming practices.
Virginia’s sports betting market continues to thrive, with March’s handle reaching $511.6 million, representing a substantial 9% year-on-year increase. The state’s bettors are showing consistent enthusiasm for sports wagering, primarily favoring digital platforms. The impressive AGR of $47.7 million and substantial tax contributions further solidify Virginia’s position as a significant player in the U.S. sports betting landscape, with a strong commitment to responsible gaming.