Virginia sports betting handle reaches $470m in March

The Virginia Lottery has registered the second-highest handle since it launched sports betting in January 2021.

US.- The Virginia Lottery has reported a sports betting handle of nearly $470m for March, the second-highest total since sports betting launched in the state in January 2021. The handle represented a 16.8 per cent increase from February’s $401.9m but was behind January’s all-time high of $485.5m.

The figure was up 54.4 per cent year-on-year. Gross operator revenue was $33.7m, the third-highest monthly total yet and a rise of 22.6 per cent compared to February. The operator win rate was 7.2 per cent.

After additional deductions of $5.3m, the state was able to levy a 15 per cent tax on $14.3m in adjusted revenue.

The sports betting industry in Virginia could generate up to $13bn in bets in its first three years, according to analysts at PlayVirginia. In February 2021, the website predicted that the state could generate more than $5bn in annual wagers, $400m in annual operator revenue, and $60m in annual state taxes by its third year.

Sports betting officially launched in Virginia in January 2021, with FanDuel’s sportsbook the first sportsbook to go live.

Hard Rock receives approval to operate Virginia’s first casino

The Virginia Lottery Board has approved a facility operator’s licence for Hard Rock Bristol to operate Virginia’s first casino. After a review of application materials and a background investigation, the Virginia Lottery Board issued the licence in a 7-0 vote.

Lottery Virginia will continue to review applications for three more proposed casinos in Danville, Norfolk, and Portsmouth. The venues were approved in a referendum in November 2020.

See also: Temporary Hard Rock Casino Bristol to open in Virginia July 8