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Virginia sports betting handle surpasses $300m in March


Players in Virginia wagered $304.1m on sports during March, while the six operators in the US state were able to generate $13.8m in adjusted gross revenue for the month.

Revenue after customer winnings was up by 13.1% from $12.2m in February, the first full month of legal sports betting Virginia after it opened its regulated market on January 21.

The state also saw its handle increase 14.4% month-on-month, which the Virginia Lottery said was helped by the ‘March Madness’ US college basketball tournament. Wagering on college basketball games involving teams outside the state amounted to $83.6m in March, representing 27.5% of total bets for the month.

Players won a total of $277.5m from sports betting during March, while the state collected $1.2m in tax. Sports wagering is taxed at a rate of 15% on each operator’s adjusted gross revenue – total wagers minus total winnings and other authorized deductions.

Tax revenue was split between the state’s General Fund ($1.2m), and the Problem Gambling Treatment and Support Fund ($29,588).

Casino and sports betting app WynnBet became the latest operator to launch in the state in March, increasing the total number of active brands in Virginia to six for the month.

Flutter Entertainment-owned FanDuel, in partnership with the Washington Football Team, Crown Virginia Gaming and DraftKings, Portsmouth Gaming Holdings and Rivers Casino Portsmouth, Caesars Virginia and BetMGM were also operating in March.

In April, this list increased further with confirmation that Kindred Group had launched its Unibet brand in Virginia, through a partnership with online gambling platform provider Pala Interactive.

Last month, the Virginia Lottery also released a gaming update for the first months of legal gaming in the state, showing a total of $628.7m was wagered on sports between the market’s opening on January 21 and March 31.

The lottery did not reveal the amount of revenue generated but did state that $1.5m was paid in taxes by operators in the state during the period, with $38,095 going to the Problem Gambling and Treatment Support Fund.