The Virginia Lottery has released its sports wagering revenue report for the month of March revealing a sports betting handle of $304,066,245 with college basketball the most popular sport among bettors. The latest figures represent a 12.6% increase on February’s handle of $265,778,306.
In what was only the second full month of legal sports betting in Virginia state, sports fans wagered $83,572,156 on the March Madness tournament accounting for 27.48 % of total wagers for the month.
The state’s six licensed sportsbook operators reported a combined 8.74% win percentage (hold) with bettors winning $277,492,368. Operators also reported issuing $10.34 million in bonuses and free-play incentives in March resulting in adjusted gross revenue (AGR) of $13,845,012.
Only three operators reported a positive AGR for the month generating state taxes of $1,183,487.58.
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Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.