Virginia players wager $469.5m on sports in March

The March handle was 54.4% higher than $304.1m in the same month last year and 16.9% up from $401.9m in February of this year, while it fell 3.2% short of the record $485.5m set in January 2022.

The Virginia Lottery said the year-on-year and month-on-month increase in player spending was helped by betting on the NCAA college basketball tournament that ran throughout the month.

Adjusted gross gaming revenue, defined as total bets minus total winnings, bonuses and promotions and other authorised deductions, also increased 3.6% from $13.8m in March 2021 to $14.3m and 81.0% from $7.9m in February this year.

Players won a total of $435.8m from sports betting during the month while $14.1m worth of bonuses and promotions were issued to players. 

The state generated $2.1m in tax from sports betting in March, with $2.06m of this going to the General Fund Allocation and $52,907 the Problem Gambling Treatment and Support Fund Allocation.