Virginia Sports Betting Handle Tops $600 Million Again
Virginia again showed immense strength as a sports betting destination in March, with its handle eclipsing the $600 million plateau for the fourth time in the last five months, as things continue to come along well for our best sports betting sites wo
The Virginia Lottery March revenue report was released on Wednesday. It revealed the third-best handle month ever for the mature Virginia sports betting scene. The total allowed the Commonwealth to become just the 10th state in America to surpass the $15 billion milestone in lifetime handle.
It isn't all good news out of the Old Dominion. Revenues for Virginia sports betting apps and retail providers slipped under the $50 million mark for the first time in four months, thanks to a slightly diminished hold rate for state providers.
$635.6 million March handle
Virginia sportsbooks are reporting $635.6 million in accepted wagers for March, a 31-day period that included the marquee NCAA Men's and Women's Basketball tournaments. As mentioned, this was the fourth time in five months that Virginia sportsbooks combined for more than $600 million in monthly wagers. Residents have plenty of Virginia sportsbook promos to choose from.
It amounts to about $20.5 million per day spent with Virginia sportsbooks during March.
Virginia sports betting sites took in $629.6 million, while retail accounted for the remaining $5.92 million.
The total is about a 24.2% year-over-year increase in handle from the $511.6 million wagered in March 2023 and is a nearly $95 million improvement from the $540.1 million in accepted bets in Virginia in February.
With March's numbers added in, Virginia's lifetime sports betting handle has now eclipsed $15 billion, making it the 10th state to reach that milestone mark.
Revenues slip under $50 million
March marked the end of a three-month streak of at least $50 million in monthly revenues for Virginia sportsbooks. During the month, Virginia sports betting apps and retail providers reported $47.7 million in gross gaming revenues.
Revenues were down 13.7% year-over-year from $55.26 million in March 2023 and slightly from February's totals.
Adjusted taxable revenue came in at $42.43 million, which, thanks to a 15% tax rate, led to about $6.25 million in taxes being collected for the state. An uncharacteristically low 7.5% hold rate (the 8th lowest win for Virginia during its 39 months of legalization) was a key factor in the slumping profits.
Year-to-date
Virginia sportsbooks have enjoyed a very good start to 2024. Not only have they reached a $15 billion lifetime mark, but the first three months have been like no other regarding total wagering activity, revenues, and tax contributions.
So far in 2024, through March, $1.83 billion in accepted wagers have been reported by Virginia sportsbooks, a 25.7% increase from the same three-month period last year. Over three months, $172.1 million in gross revenue has been reported, an 18.9% increase from last year.
Adjusted gross revenue is up 30.7% thanks to a combined 9.4% hold rate through three months, and tax contributions from Virginia's best sportsbooks through March stand at $22.5 million. That's a $4.1 million improvement from last year.
