The latest monthly revenue report from the Virginia Lottery shows that the state’s licensed sportsbooks accepted over $469.4 million during the month of March.
March Madness pulled in over $109.4 million in wagers
The latest figures show that sports betting activity increased by 16.8% on the previous month, but still fell just short of the state’s all-time record of $485.5 million. However, March was the second highest total amount wagered in a single month since the launch of sports betting in Virginia.
Although Virginia does not allow sports betting on in-state college teams, the March Madness NCAA basketball tournament still attracted over $109.4 million in wagers. This was 23.3% of all wagers placed through local sports betting apps throughout the month.
Payouts to winners for the month of March came to $453.7 million. This was from a combined win percentage of 7.18% up from the 6.84% reported in the previous month but still shy of the 8.04% reported in January’s record-breaking month.
The report also reveals that the total amount won by Virginia gamblers since sports betting in Virginia launched in January 2021 now sits at $4.19 billion
Bonuses and promotions for the month totaled $14.1 million down $1.7 million from the previous month while other deductions came to $5.2 million. This resulted in combined adjusted gross revenue (AGR) of $14.38 million up by 84.35% from the AGR posted in February.
Five of the state’s 12 mobile sports betting operators reported a positive AGR for the month of March resulting in state taxes of $2.1 million. This brings the total amount paid to the state since the industry launched to $26.7 million.
In related news, Virginia issued its first land-based casino license to Hard Rock Bristol. The company expects to open a temporary gaming facility as early as July 2022.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.