The Virginia Lottery has released its latest sports betting report showing a handle of $265,778,306 for the month of February.
The report released yesterday shows that the five licensed operators active during the period paid out $253,539,526 in winning bets for a hold of 4.60%.
The Super Bowl attracted $19,559,701 in wagers accounting for just 7.3% of total wagers for the month.
Virginia’s sports betting operators paid out bonuses and promotions totaling $13,187,560. This resulted in an overall negative AGR (Adjusted Gross Revenue). However one operator reported a positive AGR of $3,231,752 generating $300,593.91 in taxes for the state.
February was the first full month of sports betting in the state following the industry’s launch on January 21. The first 11 days of sports betting in Virginia saw operators post a handle of $58 million.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.