Virginia sports betting continued to grow in its second full month.
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:
- DraftKings: 24%
- BetMGM: 14%
- William Hill: 8%
- BetRivers: 1%
- WynnBET: 0%
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.
- Bally Bets
- Barstool Sportsbook
- Golden Nugget
Up to five new licenses might be approved in a new application period May 15-31.
Just outside the top 5 in sports betting
The state currently finished just above Colorado’s $301 million.
The top five states currently reporting are: