Sports betting in Virginia: second month sees $304m in wagers

Adjusted gross revenue for Virginia
Adjusted gross revenue for Virginia

Virginia saw a record $304m in wagers during the month of March.

US.- The second month of action for Virginia’s sports betting market saw $304m wagered in the state, according to the Virginia Lottery.

The figures surpass those of Colorado, which has been seen as a sports betting powerhouse in the country for the past year. Some $83m, 30 per cent of the total handle, was bet during March Madness.

Virginia has only six betting operators: FanDuel, DraftKings, BetMGM, BetRivers, William Hill and WynnBet, while states including Indiana, Colorado, and Michigan have more.

The state’s operators saw an 8.4 per cent hold on wagers in March. Players won approximately $227m from the $304m wagered.

Tax revenue reached $1.18m on the adjusted gross revenue, with $29,000 going to the Problem Gambling Treatment and Support Fund. The total adjusted gross revenue for Virginia operators was $13.8m.

Virginia is expecting to licence more operators with PointsBet or Bet365 expected to be next in line.

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