Sports earnings and overall betting volume grew in Virginia during March
In March 2022, a notable increase in sports betting funds from players in Virginia contributed to a 6.4% jump in adjusted gross revenue compared to the same period the previous year. The total adjusted gross sports betting revenue for the month reached an impressive $45.1 million, surpassing the $42.4 million reported in March of 2021 but falling 27.1% short of the revenue reported in February.
Mobile betting accounted for a whopping $44.4 million of the total revenue in March, while retail betting accounted for a comparatively minor $692,282. These figures come from data published by the Virginia Lottery.
The total amount wagered by players in Virginia during this period amounted to $689.7 million, marking an 8% increase over the same period in 2021 and a 23.9% increase over February. Of this amount, $683.1 million was wagered via online and mobile platforms, with the remaining $6.5 million being wagered at retail sportsbooks across the state.
This resulted in a statewide hold of 6.58%.
Return to players in Virginia
While the Virginia Lottery does not disclose specific details about individual operators, they do release certain other data. The monthly report reveals that players received back a staggering $639 million from sports betting in March. An additional $5.6 million was reported in undisclosed "other deductions."
In terms of tax revenue, a total of $6.8 million was collected from sports betting during March. $6.6 million was sent to the General Fund Allocation, while $168,873 was sent to the Problem Gambling Treatment and Support Fund Allocation.
At the time of this writing, 14 mobile operators and three casinos were authorized to accept bets in Virginia.
Although the provided search results do not contain specific Virginia sports betting revenue data for March 2022, they do offer broader national trends that may reflect similar patterns in Virginia. For instance, legal sports betting has grown into a $10+ billion national industry since 2018, with 38 states, along with Washington D.C., now offering regulated markets. Additionally, monthly revenue tends to fluctuate based on seasonality and major sporting events. For example, March 2025 saw a handle of $553.6 million and revenue of $35 million (6.3% hold rate), while February 2025 recorded a stronger 10.9% hold rate despite lower handle. Moreover, online gaming (including sports betting) saw a growth of 26% YoY in February 2025, suggesting that Virginia's mobile betting market likely expanded similarly post-2022.
Sportsbooks in Virginia reported a significant increase in sports betting funds from players, contributing to a surge in monthly revenue. The total tax revenue collected from sports betting in Virginia for March was $6.8 million, with the majority going to the General Fund Allocation. Despite not offering specific data, the Virginia Lottery's monthly report shows that the sports betting industry in Virginia has grown since 2022, with 14 mobile operators and three casinos authorized to accept bets.
