Virginia doesn’t allow any bets on in-state schools, but that didn’t stop bettors from placing bets in the NCAA tournaments. Legal sports betting in the Old Dominion saw a nice rebound in every category after February’s contraction.
The Virginia Lottery reported that their online sports betting sites and retail sportsbooks accepted $511.6 million in wagers in March, a 20% jump after $433.8 million in February. March’s handle is also a 9% year-over-year increase. From $511.6 million, sportsbooks paid out $456.3 million in winners — keeping $55.3 million in gross revenue. February in comparison saw just $39.8 million in revenue.
With regards to hold percentage, operators in the commonwealth have started 2023 in a strong position. Sportsbooks held 10.8% of their bets in March, while January and February saw 9.7% and 9.1% respectively. On top of that, promotional deductions dropped in half (now that the Super Bowl is over).
It’s no surprise that with an increased handle and revenue, the state’s General Fund also saw more money. February saw just $4.7 million while March hit $7.4 million, a 57.4% monthly jump. And where nine operators made a profit in February, 10 were profitable in March.
Retail market report
It's been 3 months since Virginia sports betting reported on the commonwealth’s brick-and-mortar sportsbooks.
Handle has grown to $4.58 million — a 29% monthly increase — while gross revenue also saw a new high in March ($545,054), which is more than January ($284,851) and February ($40,074) combined.
Despite the growth, Virginia’s retail market is still a fraction of its online space. Just .9% of all bets were made in person in March, but after .8% of February’s bets were made at physical sportsbooks, there may be more room to expand.
