Virginia Sportsbooks $300 Million in Wagering in March

Virginia sportsbooks surpassed $300 million in wagering in March. The  results were strong enough to give Virginia its first positive month of adjusted gross revenue, according to PlayVirginia.

Virginia sportsbooks attracted $304.1 million in bets in March, according to data released Friday by The Virginia Lottery. That is up 14.4% from $265.8 million in February wagers. With the NCAA Tournament spurring interest despite a ban on betting on any of the five Virginia teams that qualified for the NCAA Tournament, sportsbooks took in $9.8 million per day over the 31 days in March, up from $9.5 million in February.

Sportsbooks won $26.6 million on March’s bets, up from $12.2 million in February. This led to the first month of positive adjusted gaming revenue with $13.8 million, even with heavy promotion around the NCAA Tournament eating up much of the state’s take. AGR yielded $1.2 million in state taxes, including $29,587 for problem gambling support.

As successful as Virginia’s launch has been, though, one concern is tax revenue. With heavy promotion eating up gross proceeds so far, sports betting has only generated $1.5 million for the state.