Virginians bet almost $512M on sports in March

Virginians won $456 million but bet $511.6 million on sports in March, a 9% increase in betting expenditures over March 2022, according to data released Monday by the Virginia Lottery.

About $507 million of sports betting revenue came from mobile operators, with the remaining almost $4.59 million coming from casino retail activity out of the temporary Bristol casino and the state’s first permanent casino, Rivers Casino Portsmouth. Virginia casino gaming revenues totaled $37.4 million in March, according to Virginia Lottery data released in mid-April. About $23.6 million of that total came from the Portsmouth casino.

March’s sports betting gross revenues were an almost 18% increase from February, largely due to March Madness.

“Virginia sports betting benefited heavily from March Madness. After February’s drop following the end of the NFL season, the NCAA Tournament brought three weekends’ worth of betting opportunities, generating an 18% increase in total handle,” Dru James, an analyst with Virginia Lottery-approved sports betting vendor BetVirginia.com, said in a statement.

Sports betting numbers will likely drop in the second quarter as sports seasons end but should pick back up in August and September, according to James.

The 16 licensed operators included in March’s reporting were:

• Betfair Interactive US LLC (FanDuel) in partnership with the Washington Commanders,
• Crown Virginia Gaming LLC (Draft Kings),
• BetMGM LLC,
• Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth),
• Caesars Virginia LLC,
• WSI US LLC,
• Twin River Management Group LLC,
• Penn Sports Interactive LLC,
• Unibet Interactive Inc.,
• Colonial Downs Group LLC,
• Digital Gaming Corporation VA LLC,
• VHL VA LLC,
• HR Bristol LLC,
• Hillside (Virginia) LLC,
• DC Sports Facilities Entertainment LLC,
• and Betr VA LLC.

Virginia places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With 10 operators reporting net positive adjusted gross revenue for March, the monthly taxes totaled $7.4 million, 97.5% of which will be deposited in the state’s general fund. The remainder, about $185,330, will go to the Problem Gambling Treatment and Support Fund, which the Virginia Department of Behavioral Health and Developmental Services administers.