Home Finance Virginia Sports handlers up by 24.2% during March

Virginia Sports handlers up by 24.2% during March

56 views 2 minutes read

In March of this year, Virginians bet $635.5m in sports (PS508m/EUR593.7m), a 24.2% increase from the previous month.

Virginia Lottery’s March monthly gambling report includes results for both mobile operators as well as casino retail outlets.

The gross revenue from sports betting for mobile operators was $629,7m in March 2019, a 24.2% increase compared to March 2023. The gross winnings increased by 28.7%, to $582.5m.

The amount of bonuses and promotional offers that mobile operators could offer has declined significantly. This was $3.8m in March 2023. However, Virginia Lottery reported $12,973 as a bonus and promotion for March 2024. The operators are allowed to subtract promotional play only for the first twelve months of the platform’s existence. As each platform hits that milestone, promotional deductions decrease.

The adjusted gross revenue for mobile operators (AGR) was 41.9 million dollars after deducting $5.1m.

Virginia law imposes a tax of 15% on all sports betting activities, based on AGR. The AGR can be calculated as total wagers less total winnings, and any other allowed deductions.

Sportsbooks in retail also experience an annual improvement

Retail sports gaming revenues were $5.9m in this case, an increase of 29.2% annually. Gross winnings increased by 34.7%, to $5.3m. Sportsbooks in retail have recorded $0 as bonuses and promotions.

After other deductions, the retail sportsbooks AGR was $479.376. It was the only decrease reported in comparison to last year, with a 12% drop.

Total gross winnings in March were $587.8m. This is a 28.8% increase over March 2023. The other deductions in March totaled $5.2m while the AGR was $42.4m. This is a 10.9% decrease compared to last year.

In Virginia, 15 operators and 22 suppliers are licensed. In March 2013, 13 of these operators reported a net positive AGR, which resulted in $6.2m in taxes.

Virginia law requires that 97.5% (or AGR) of all state taxes on sports bets go to the General Fund. The remainder 2.5% is allocated to the Problem Gambling Treatment and Support Fund. In March, 6m were allocated to General Fund and 156,227 to Problem Gambling Treatment and Support Fund.

The Virginia Lottery’s sports betting handled in February was $545.1m – about $90m lower than March but up 25.6% from February 2023. Mobile betting contributed $540m to the total. Retail locations accounted for the other $4.9m.

You may also like

About Us

On iGamingWorld, we provide in-depth analysis, the latest news and opinions from famous people of the gaming industry.

Featured Posts