Virginia Sports Betting Sees Second-Month Bump From College Basketball

Written By

Updated on

Virginia sports betting

Virginia sports betting continued to grow in its second full month.

March’s VA sports betting handle reached $304.1 million, according to a Virginia Lottery release Friday.

The six operators live in March combined for an 8.7% hold with an adjusted gross revenue of $13.8 million.

Second-month bump in Virginia sports betting

The March handle was a 13.7% increase over February’s $265 million.

The state launched sports betting on Jan. 21. The first 11 days of betting drew a total of $58 million in wagers.

February included $19.6 million in Super Bowl bets.

Sports betting taxes increase a bit

Virginia places a 15% tax on sports betting based on the adjusted gross revenue.

March generated nearly $1.2 million in taxes for the state.

That makes up most of the $1.5 million in taxes paid since the January launch.

New sports betting operator launched

In February, there were five operators live in the state. WynnBET joined the fray in March.

At the VA Lottery presentation on April 21, a look at the state’s market was unveiled. FanDuel claimed 53% of the market from the Jan. 21 launch through March.

Other operators’ market share of sports betting in Virginia played out as follows:

Deductions take a dip

Sportsbook operators can deduct promotional spending from their taxable revenue.

In March, operators reported $10.3 million in bonuses and promotions. That’s down from $13.2 million in February.

In the market share numbers for the first two-plus months, FanDuel accounts for 43% of the promo spend in VA sports betting.

More operators coming to Virginia

There are 17 slots for potential sportsbooks in the state. At least 25 operators have applied, according to previous LSR reporting.

On April 21, Unibet became the 10th approved operator. Three new operators were also approved in March:

Up to five new licenses might be approved in a new application period May 15-31.

Just outside the top 5 in sports betting

Virginia’s $304.1 million will likely end up seventh in total monthly sports betting handle nationally when Illinois reports its March.

The state currently finished just above Colorado’s $301 million.

The top five states currently reporting are:

  1. New Jersey: $860 million
  2. Nevada: $641 million 
  3. Pennsylvania: $560 million 
  4. Michigan: $384 million
  5. Indiana: $317 million