Virginia sports betting handle reached a milestone in March. Players wagered $304.1 million on sports the whole month. Also, the six sportsbook operators in the state earned $13.8 million in adjusted gross revenue.
Operators’ revenue after player winnings increased by 13.1 percent from $12.2 million in February. According to sports news reports, February was the first whole month of legal sports wagering in the state. Also, Virginia launched its regulated sports gambling market on January 21.
According to online sports betting sources, Virginia saw its handle increased by 14.4 percent month over month. Analysts attributed the increase to the NCAA March Madness basketball tournament.
Virginia Sports Betting Handle Milestone
Wagers on college basketball was $83.6 million. Also, it was 27.5 percent of the total bets for March. Players won $277.5 million from wagering on sports during the month. Thus, the state earned $1.2 million in taxes. Sports betting has a tax rate of 15 percent on the adjusted gross revenue, total bets less the total winnings and other deductions.
According to Korean sportsbook experts, taxes from sports betting will go to Virginia’s General Fund and the Problem Gambling Treatment and Support Fund. WynnBet was the most recent operator to launch in Virginia. As a result, it brought the total number of sports betting brands in the state to six.
Other sportsbooks operating in Virginia last March are FanDuel/Washington Football Team, Portsmouth Gaming Holdings/Rivers Casino Portsmouth, Crown Virginia Gaming/DraftKings, and Caesars Virginia/BetMGM. In April, Unibet launched in Virginia. It partnered with online sports betting platform vendor Pala Interactive.
Also, Virginia Lottery released a report that showed a total handle of $628,7 million from January 21 to March 31. The lottery didn’t disclose the total revenue earned from the handle. However, the lottery said the state earned $1.5 million in sports betting taxes.
