Virginia March Sports Betting Handle Tops $300M, Up 14.4%

Virginia March Sports Betting Handle Tops $300M, Up 14.4%
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Virginia saw a 14.4% increase in total sports betting handle — topping $300 million — in March, its second full month of sports betting in the state.

The state posted $304.1 million in March after launching its all-online sports betting market on Jan. 21. It had $58.9 million in the first 11 days of online sports betting and followed that with $265.8 million in February, its first full month. Retail sportsbooks will join the market when casinos open, likely in 2022.

RELATED: More about Virginia sports betting and gaming

Of the $304.1 million wagered in March, bettors in Virginia won $277.5 million, according to figures Friday from the Virginia Lottery. Virginia bookmakers had an 8.74% hold, and gave away $10.34 million in promotions and bonuses, and also had about $2.4 million in other deductions. The adjusted gross revenue for March was $13.5 million.

The state collected $1.18 million in total taxes ($1.15 million to the general fund and about $30,000 to problem gambling efforts).

VA Sports Betting Handle & Revenue, March vs. February

Total HandleRevenue Taxes
Change Up 14.4% ----- Up 293.7%

Virginia 6th Nationally in Handle

Virginia’s total handle puts it sixth nationally, as it just snuck past Colorado, which had $301 million in total handle in March. Colorado’s sports betting market celebrates its one-year anniversary on May 1. Illinois still has to report March sports betting figures.

New Jersey’s total sports betting handle in March topped the U.S. at $859.6 million, according to figures released April 16. That was up 15.7% from February’s $742.9 million.

Virginia was helped out by March Madness betting, even though you could not bet on the Virginia schools. Wagering on the NCAA Tournament in March totaled $83.6 million, about 27.5% of the total handle, according to the Virginia Lottery.

Seven Sportsbooks Now Live in Virginia

Unibet online sportsbook from the Kindred Group went live in Virginia April 28, becoming the seventh sportsbook now available in the commonwealth. Unibet was approved for a temporary mobile sports betting permit by the Virginia Lottery on April 21.

Before Unibet’s launch, WynnBET joined the market on March 12, just before March Madness began. It was the sixth operator to launch in the state. The Virginia Lottery has also approved three more operators — Golden Nugget, Bally’s Corp. and Penn National Gaming (Barstool Sportsbook). They have not announced when they will launch.

Betfair Interactive US, LLC (FanDuel); Crown Virginia Gaming, LLC (DraftKings), BetMGM, Portsmouth Gaming Holdings, LLC (Rivers Casino Portsmouth) and Caesars Virginia, LLC (William Hill) are also live in Virginia.

Legislation was passed this legislative session and signed into law by Gov. Ralph Northam that will allow more operators and betting on the Olympics. It will go into effect on July 1.

With the new law, there could be 18 sportsbooks or more in the state based on the new law. The previous law accounted for 12 sportsbook licenses.

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