March proved to be an exceptional month for sports betting in Virginia. Credit goes in part to the NCAA basketball tournament. Sportsbooks recorded their highest collective hold percentage of the year, as well as the top gross revenue tallies and adjusted revenue figures.
The total handle of $511.6 million, the fifth time in the last six months it fell within $500 million and $530 million. $507 million was bet online—99.1 percent of the total. Handle was up 17.9 percent month-over-month and 9 percent compared to March 2022.
The hold rate of 10.8 percent ranked highest since November. With $7.6 million in promotional deductions, the adjusted gross revenue (AGR) of $47.7 million, also ranked as tops since the start of the NFL kickoff.
The state collects 15 percent of AGR in taxes, and 10 operators had a net positive for the month, thus paid taxes.
The state received $7.4 million in taxes for March, with $7.2 million going to the Virginia General Fund and $185,000 for the Problem Gambling Treatment and Support Fund.
Through the first three months of the year, betting handle rose 7.5 percent compared to 2022. The state hasn’t seen a month below a 9 percent hold since last June. Gross sportsbook revenue Increased 44.4 percent In the first quarter compared to the same period In 2022.
