In March, Virginia saw an increase in adjusted gross sports betting revenue, driven by higher player spending. The state’s adjusted gross revenue reached \$45.1 million, marking a 6.4% increase compared to March of the previous year. However, this figure was 27.1% lower than the revenue reported in February. The growth in revenue was attributed to a rise in mobile betting activity, while retail betting contributed a smaller share.
Mobile sports betting led the way with \$44.4 million in revenue, while retail sportsbooks only accounted for \$692,282. The total sports betting handle for March reached \$689.7 million, an 8% increase from the previous year and a 23.9% jump from February. The vast majority of this handle, \$683.1 million, was wagered through online and mobile platforms, with the remaining \$6.6 million placed at retail sportsbooks across the state.
Virginia Sees $689.7M Sports Betting Surge in March as Mobile Wagers Dominate Revenue GrowthVirginia Sports Betting: $6.8 Million in Taxes Collected, $639 Million Returned to Players
The overall hold for the state was 6.58%, meaning that after payouts, this percentage of the total amount wagered was retained by operators. Virginia players received back \$639 million from their wagers in March. Additionally, the Virginia Lottery reported \$5.6 million in “other deductions,” though the exact nature of these deductions was not disclosed.
From a tax perspective, Virginia collected \$6.8 million in sports betting taxes during the month. Most of this amount, \$6.6 million, was allocated to the General Fund, while \$168,873 was directed toward the Problem Gambling Treatment and Support Fund. March saw participation from 14 mobile operators and three casinos authorized to accept bets in the state.