Virginia Sports Betting Handle Tops $600 Million Again

Virginia once again demonstrated its strength as a top sports betting destination in March, surpassing the $600 million mark for the fourth time in the last five months. Overall, things are looking promising for our top sports betting sites in the state.

On Wednesday, the Virginia Lottery released its March revenue report, showing that it was the third-best month ever for sports betting in Virginia. This milestone allowed Virginia to become the 10th state in the country to surpass $15 billion in lifetime handle.

Not all news from the Old Dominion is positive. Virginia sports betting apps and retail providers experienced a decrease in revenues, falling below $50 million for the first time in four months. This was due to a slight decrease in the hold rate for state providers.

$635.6 million March handle

Virginia sportsbooks accepted $635.6 million in wagers for the month of March, which included the NCAA Men’s and Women’s Basketball tournaments. This marks the fourth time in five months that Virginia sportsbooks have surpassed $600 million in monthly wagers. Residents can take advantage of various Virginia sportsbook promotions.

In March, Virginia sportsbooks saw an average daily spending of approximately $20.5 million.

Virginia sports betting sites generated $629.6 million in revenue, with retail operations contributing $5.92 million.

The total represents a 24.2% year-over-year increase in handle compared to the $511.6 million wagered in March 2023. Additionally, it is almost a $95 million improvement from the $540.1 million in accepted bets in Virginia in February.

Virginia’s lifetime sports betting handle has surpassed $15 billion with the inclusion of March’s numbers, solidifying its position as the 10th state to achieve this milestone.

Revenues slip under $50 million

In March, Virginia sportsbooks saw a decrease in monthly revenues, ending a streak of three consecutive months with at least $50 million in earnings. The total gross gaming revenues reported by sports betting apps and retail providers for the month was $47.7 million.

There was a 13.7% decrease in revenues compared to the previous year, with March 2023 totaling $55.26 million and slightly lower than February’s figures.

After adjusting for taxable revenue, the amount totaled $42.43 million, resulting in the collection of approximately $6.25 million in state taxes due to a 15% tax rate. The unusually low 7.5% hold rate, the 8th lowest win for Virginia since legalization 39 months ago, played a significant role in the decrease in profits.

Year-to-date

Virginia sportsbooks have had an exceptional beginning to 2024, surpassing a $15 billion lifetime milestone and experiencing unprecedented levels of total wagering activity, revenue, and tax contributions in the first three months.

In the first three months of 2024, Virginia sportsbooks have reported a total of $1.83 billion in accepted wagers, marking a 25.7% increase compared to the same period last year. Additionally, these sportsbooks have reported $172.1 million in gross revenue over the same three-month period, reflecting an 18.9% increase from last year.

Revenue has increased by 30.7% due to a 9.4% hold rate over three months, resulting in $22.5 million in tax contributions from Virginia’s top sportsbooks through March. This marks a $4.1 million improvement from the previous year.