Virginia gamblers spend US$265.8m on sports betting in February

Despite an increase in the handle, AGR was a loss in Virginia.
Despite an increase in the handle, AGR was a loss in Virginia.

According to figures revealed by the Virginia Lottery, gamblers spent USS265.8m on sports betting but adjusted gross revenue for the state came in at a loss once again.

US.- People in Virginia wagered US$265.8m on sports during February according to official figures, but adjusted gross revenue (AGR) for the state was a loss for a second consecutive month.

Revenue after customer winnings stood at US$12.2m, up 238.9 per cent on the January period, after players won a total of $253.5m from sports betting.

This was helped by the Super Bowl, which attracted US$19.6m in bets – 7.3 per cent of all wagers placed in the month.

However, AGR, defined by the Virginia Lottery as bets minus winnings and other authorised deductions, including bonuses and promotions, came in at a loss of US$3.2m for February, equal to January.

The Virginia Lottery said this was primarily due to promotional expenses related to customer acquisition, with only one operator reporting positive AGR for the month.

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