The Virginia Lottery reported March’s performance for sportsbooks in Virginia, and it seems that a plentiful sports calendar contributed to a sizable uptick in wagering activity across the Commonwealth.
With March Madness, the start of the MLB season, and the NHL and NBA regular seasons coming down the home stretch, Virginia’s online sports betting sites collected $629 million in gross sports gaming revenues, good for 99% of the state’s total handle.
Bettors brought in $582 million in winnings on Virginia online sportsbooks, with the operators maintaining a 7.5% hold. Despite a smaller handle, February’s performance yielded a stronger hold for online sportsbooks in Virginia, coming in at 9.3%.
Retail sportsbooks in Virginia earned just over $5.9 million in gross sports gaming revenues, with only $542,538 in gross winnings.
The $635 million total handle for all sports betting in Virginia is the third-largest handle since Virginia sports betting launched in January 2021. The Commonwealth reached its monthly all-time high with a $652.8 million handle in January, and November’s $638.8 million handle is the second-most ever wagered in a single month in Virginia.
Operators reported $42 million in adjusted gross revenue for March, leading to $6.3 million in tax payments. The state’s General Fund received just over $6 million of those tax payments while $156,277 was deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Sciences.
| Online | Retail | |
|---|---|---|
| Gross sports gaming revenues | $629,663,266 | $5,929,871 |
| Adjusted gross revenue | $41,956,432 | $42,435,808 |
Record-setting month for Virginia casinos
Gaming revenues from Virginia casinos totaled $65.1 million, the largest monthly haul since reporting started in July 2022.
Total gaming revenues have topped $50 million for five consecutive months across the three casinos operating in Virginia.
Rivers Casino Portsmouth was the big earner of the bunch, potting $27.7 million in adjusted gross revenue in March. Caesars Virginia brought in $21 million and HR Bristol generated $16.27 million.
Slots are the heavy favorite for Virginia’s casino gamblers, accounting for $48.9 million, or 75% of the total gaming revenue.
State coffers collected $11.7 million in tax payments from March’s casino gambling activities.
