Virginia’s gaming industry witnessed a robust performance in March, marked by significant growth in both sports betting and casino revenue. The latest report from the Virginia Lottery reveals a notable increase in the sports betting handle, alongside thriving casino operations across the state.
Surge in Sports Betting Handle:
In March, Virginia’s sports betting handle soared to $635.6 million, reflecting a remarkable 24.2% increase compared to the same period last year. The surge in betting activity also marked a substantial 16% rise from February’s figures. Mobile platforms dominated the wagering landscape, with $629.7 million in bets placed, while retail locations accounted for $5.9 million.
Sportsbook Gross Revenue and Tax Receipts:
Despite the surge in handle, sportsbook gross revenue experienced a slight decline, totaling $47.7 million, down by 13.7% from the previous month. This decrease can be attributed to a 3.3 percentage point reduction in hold. However, despite the dip in revenue, 13 operators managed to finish the month with net positive AGR (Adjusted Gross Revenue). The state is set to collect $6.3 million in tax receipts, underlining the significant contribution of the sports betting industry to Virginia’s fiscal revenues.
Casino Revenue Growth:
Virginia’s burgeoning casino industry also experienced robust growth in March, driven by thriving operations at Hard Rock Hotel & Casino Temporary Bristol, Rivers Casino Portsmouth, and Caesars Virginia. Total gaming revenue for the month amounted to $65.1 million, marking a substantial 13.5% increase from February and an impressive 73.9% surge compared to the same period last year when only two casinos were operational.
Breakdown of Casino Revenue:
Slot revenue emerged as a major contributor to overall casino revenue, reaching $48.9 million, reflecting an 11.5% month-on-month increase. Meanwhile, table games revenue witnessed significant growth, totaling $16.2 million, up by 20.1% from the previous month. The state’s tax collection from casino operations amounted to $10.3 million, marking a notable 13.5% increase compared to February.
Virginia’s gaming industry continues to thrive, with March’s report showcasing substantial growth in both sports betting and casino revenue. The surge in sports betting handle, coupled with robust casino operations, underscores the state’s evolving gambling landscape and its significant contribution to economic growth and fiscal revenues. As Virginia’s gaming market continues to expand, stakeholders can anticipate further opportunities for investment and development in the burgeoning sector.