Virginia Sports Gambling Revenue Tops $47 Million In March

The Virginia Lottery yesterday released its March report on sports betting activity submitted by licensed operators in the state.

From Mar. 1 to Mar. 2, 2023, Virginians contributed to a betting handle that hit $511.6 million. The figure is an increase both month-over-month and year-over-year.

Meanwhile, Virginia sports betting revenue surpassed $47 million in March.

Virginia sports betting handle increases 9% from last year

According to the Virginia Lottery’s latest gaming report, the state’s total sports betting handle was $511,614,541 in March. The figure is a 9% increase compared to March last year. Likewise, the number is a 17.9% rise from the $433.8 million generated in February 2023.

Virginians gambled more than $507.0 million online. Players won $456.4 million for a combined 10.8% operator win percentage.

Players placed bets worth $4.6 million at the Bristol Casino and Rivers Casino Portsmouth retail sportsbook locations. The figure is higher than February’s $3.6 million.

During March, Virginia sportsbooks recorded adjusted gross revenue (AGR) of $4
7.7 million. The number compares to the $39.8 million that Virginia sportsbooks generated in February.

Ten Virginia operators pay $7.4M in taxes

Virginia’s law imposes a 15% tax on sports betting activity based on each permit holder’s AGR. Adjusted gross revenue is the total bets minus total winnings.

Of the state tax on sports betting AGR, 97.5% must go into the state’s General Fund. The remaining 2.5% goes to the Problem Gambling Treatment and Support Fund.

Throughout March, the state took in $7.4 million in tax payments. Nearly $7.2 million will go to the Virginia General Fund, with $185,000 left over for the Problem Gambling Treatment and Support Fund.

Out of 16 licensed sportsbooks in Virginia, ten operators reported net positive adjusted gross revenue for March.

Betr VA, LLC is the newest sportsbook operator in the state. It received a Virginia sports betting license on Mar. 3.