Sports earnings and wagering volume escalate in Virginia during March
Hitting it big in Virginia's sports betting scene:
Let's break down the sports betting revenue trend in Virginia from March 2021 to March 2022, comparing it to February 2022 for good measure. buckle up, as we're diving into some numbers!
Last year in March, Virginia's adjusted gross sports betting revenue clocked in at $26.57 million, with a handle of $304.07 million and a hold percentage of 8.74%. Fast forward a year, and March 2022's numbers showed a whopping 6.4% year-on-year increase, hitting $45.1 million. But, note that it was 27.1% lower than February's revenue.
Of the total $689.7 million handle in March, $683.1 million was placed via online and mobile platforms, with only $6.5 million wagered at retail sportsbooks across the state. This resulted in a statewide hold of 6.58%.
Virginia players collectively got back around $639 million of their bets in March. While numbers on individual operators aren't provided, the Virginia Lottery does offer insights into other relevant data. About $5.6 million was also reported in undisclosed "other deductions."
In tax-related news, $6.8 million was collected from sports betting during March. Out of that, $6.6 million went to the General Fund Allocation, with $168,873 contributed to the Problem Gambling Treatment and Support Fund Allocation. 17 operators, both mobile and casinos, were authorized to accept bets in Virginia during the said month.
Curious about the January-February comparisons? February's numbers, while not explicitly provided, are expected to fluctuate based on events like the Super Bowl, as opposed to the schedule of sports events in March. To get a better idea of the exact figures and more detailed insights, additional data or official releases from Virginia's gaming authority would be required.
Welcome to the world of sports betting in Virginia - it's a rollercoaster ride, and the numbers keep climbing!
In Virginia's sports-betting industry, a significant jump was observed in March 2022, with revenues reaching $45.1 million, showing a 6.4% year-on-year increase from the previous year. Despite this growth, the March revenue was 27.1% lower compared to February's. Approximately 98.5% of the total $689.7 million handle during this period was managed through online and mobile sportsbooks, while only 1.5% was handled by retail sportsbooks. Tax revenue from sports betting in March amounted to $6.8 million, with $6.6 million directed to the General Fund Allocation and the remaining $168,873 contributed to the Problem Gambling Treatment and Support Fund Allocation.
