The Virginia sports betting market continues to show growth, posting more than $300 million in March total sports handle and moving past Colorado among states.
In March, just the second full month for Virginia sports betting, the handle rose 14.4% to $304.1 million, according to figures from the Virginia Lottery on Friday. After posting a strong $58.9 million in the last 11 days of January, the Virginia sports betting market took a huge step forward in February, posting $265.8 million. March proved even better.
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The state moved ahead of Colorado, which will celebrate its first full year of legal sports wagering on May 1, into sixth place among states for the month with Illinois yet to report. Colorado posted $301 million in March sports betting handle.
Here are some key points from the March sports betting report for Virginia:
VA Sports Betting Handle & Revenue, March vs. February
|Change||Up 14.4%||-----||Up 293.7%|
Revenue, Tax Numbers Increase
Revenue and tax numbers were much better in March for Virginia.
The adjusted gross revenue for March was $13.5 million. Virginia bookmakers had an 8.74% hold, and gave away $10.34 million in promotions and bonuses. They also had about $2.4 million in other deductions.
The state collected $1.18 million in total taxes ($1.15 million to the general fund and about $30,000 going to the Problem Gambling Treatment and Support Fund).
Virginia Live for 2 Biggest Sports Betting Events
Thanks to the launch on Jan. 21, sports betting was in place for Super Bowl 55 in February and for March Madness, which likely drove the numbers posted Friday.
Virginia wagering on the NCAA Tournament in March totaled $83.6 million, about 27.5% of the total handle, though Virginia bettors could not place wagers on in-state teams.
The state saw $19.5 million bet on the Super Bowl, which was about 7.3% of total wagers in February.
Seven Sportsbooks Have Launched
During March, six sportsbooks were live, with WynnBET joining the market on March 12, just before March Madness began.
Since then, another sportsbook has launched, giving the state seven online sportsbooks.
The Kindred Group’s Unibet brand went live in Virginia on April 28, becoming the seventh sportsbook available in the commonwealth. Unibet was approved for a temporary mobile sports betting permit by the Virginia Lottery on April 21.
Golden Nugget, Bally’s Corp. and Penn National Gaming (Barstool Sportsbook) have also been approved by the Virginia Lottery, but they have not announced when they will launch.