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Virginia sports betting tops $635M again

Virginia sports betting again roared north of $635 million during March, marking the fourth highest monthly total in state history and the fourth time in the last five months.

On Wednesday the Virginia Lottery released March figures showing sports wagering in Virginia was $635.59 million, a 24.2% increase over February’s total. That represents an average of $20.5 million wagered daily during March’s 31 days.

Sports wagering in Virginia first topped $600 million last November, reaching $638.8 million. December followed with wagers hitting $635.1 million before bettors established a single month record of $652.8 million during January.

Total wagering declined to $545 million during February before rebounding during March. Sports wagering historically declines in late spring and during the summer months before the NFL and college football seasons signal the arrival of fall.

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Mobile wagering remains the overwhelming favorite with more than $629.6 million wagered electronically compared to $5.92 million at licensed sports books.

In March, Virginia bettors won a total of $587.89 million, which represents the second highest total winnings since sports betting began in January 2022. The record is $595.82 million, established last November.

The Commonwealth’s licensed operators reported $42.43 million adjusted gross revenues for a 7.5% winning percentage or hold.

For the month, 13 operators reported net positive adjusted gross revenues for March, which generated more than $6.25 million for the state, based on its 15% tax rate on sports gambling.

In the first quarter of 2024, total wagers exceeded $1.833 billion, which represents a 25.7% increase compared to $1.458 billion during the first three months of 2023.

Winnings rose 26.5%, from $1.31 billion in the first quarter of last year compared to $1.66 billion in 2024, lottery figures show.

dmcgee@bristolnews.com | Twitter: @DMcGeeBHC