Virginians bet $635M on sports in March

Virginians wagered $635.59 million on sports in March, 24.2% more than March 2023, according to Virginia Lottery data released Wednesday.

March’s handle was a 16.6% increase from the $545 million Virginians bet in February. Virginia bettors won almost $588 million in March and approximately $495 million in February.

“Virginia bettors came back full throttle after a two-month slump,” Steve Bittenbender, an analyst with sports betting vendor BetVirginia.com, said in a statement. “State coffers benefitted from both college and professional basketball wagers.”

Approximately $629.66 million of March’s gross sports gaming revenues came from mobile operators, while the remaining roughly $5.9 million came from casino retail activity. Virginia currently has three casinos: the temporary Bristol Casino: The Future Home of Hard Rock, the permanent Rivers Casino Portsmouth and the temporary Caesars Virginia casino in Danville. In March, Virginia’s casinos reported about $65.08 million in gaming revenues, according to the Virginia Lottery.

Licensed operators included in March’s reporting were:

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

Virginia places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue (total wagers minus total winnings and other authorized deductions). With 13 operators reporting net positive AGR for March, state taxes for the month totaled $6.25 million. Of that, 97.5% — about $6.09 million — will be deposited in the state’s general fund. The remaining $156,277 will go to the Problem Gambling Treatment and Support Fund, which the Virginia Department of Behavioral Health and Developmental Services administers.

“Despite this not being a successful year for Virginia-based hoops, the state netted $6.2 million in tax revenue in March, proving local bettors enjoy engaging in events such as March Madness even without a hometown team to support,” Bittenbender said.

Going forward, the usual spring and summer slump in sports betting might not materialize because of the Paris Olympics, according to Bittenbender.