Virginia generates $300 million from sports betting during March

Virginia generates $300 million from sports betting during March

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Posted by: AffPapa

Players in the US state of Virginia wagered a total of $304.1 million on sports throughout the month of March, while the six operators in the state generated around $13.8 million in gross revenue. There was a 13.1% rise recorded in revenue after customer winnings, up from $12.2 million during the previous month, which was the first full month where sports betting was legal in the state after the market launched in late January.

Virginia also witnessed its handle rise over 14.% month-on-month, which the Virginia Lottery stated was caused by the ‘March Madness’ college basketball tournament in the country. Betting on college basketball incorporating teams outside of Virginia came up to $83.6 million in March, which made up 27.5% of the total wagers placed during the month.

Throughout the month of March, players were able to win $277.5 million from sports wagering, as the state accumulated $1.2 million in tax revenue. At the moment, sports betting is taxed at 15% on the operator’s adjusted gross revenue. The total tax revenue was split between the Virginia General Fund ($1.2 million) and the Problem Gambling Treatment and Support Fund ($29,588).

WynnBet, the sports betting and casino app, was the most recent operator to launch in Virginia during the month of March, which meant that the total amount of brands in the state was up to six. FanDuel, owned by Flutter, along with DraftKings, Crown Virginia Gaming, Portsmouth Gaming Holdings and Rivers Casino Portsmouth, BetMGM and Caesars Virginia also ran operations during the month.

Aside from that, in April, the amount of operators in the state went up by one as Kindred Group confirmed the launch of its brand Unibet in Virginia via a deal with Pala Interactive. During April, the Virginia Lottery released an update for the first couple of months of legal betting in the state which revealed a total of $628.7 million being wagered on sports during that time.

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