Bettors waged $304M+ in March, Virginia Lottery reports

Betting on the NCAA Division I men’s basketball tournament accounted for more than $83.5 million of the $304 million in sports wagering that took place in Virginia during March 2021, according to a report released Friday by the Virginia Lottery.

In all, Virginians bet $304.06 million and won $277.49 million in the second full month of legal sports betting in the commonwealth. That was an increase from the $265 million in bets placed in February, a month that included $19.5 million in bets on Super Bowl LV.

“We expected Virginia to do well when sports betting launched in January, but the market is surpassing expectations,” said Dustin Gouker, analyst for PlayVirginia.com. “With the Super Bowl and the NCAA Tournament soon after the market launched, timing has been key. And bettor enthusiasm has been strong. About the only way Virginia could have had a better start is if the state hadn’t barred betting on in-state college teams, which would have boosted interest in March Madness.”

The six licensed operators included in the March numbers were Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team; Crown Virginia Gaming LLC (Draft Kings); BetMGM LLC; Portsmouth Gaming Holdings LLC (Rivers Casino Portsmouth); Caesars Virginia LLC (William Hill); and WSI US LLC (Wynn).

Virginia places a 15% tax on sports betting activity based on the permit holder’s adjusted gross revenue. With three operators reporting positive adjusted gross revenue, the total take for the state government was $1.18 million.