In a surprising turn of events, Virginia’s sports betting industry saw a record-breaking month in March, with the state reporting its third-largest monthly handle since launching legal sports betting in January.
According to data released by the Virginia Lottery, sportsbooks in the state took in a total handle of $484.5 million in March, marking a 14.6% increase from February’s total handle of $422.2 million. This figure is only surpassed by the state’s inaugural month of January, which saw a handle of $509 million, and February 2022, which saw a handle of $497.4 million.
The increase in handle can be attributed to several factors, including the continued growth of the sports betting market in Virginia and the influx of major sporting events that took place in March. The NCAA Men’s Basketball Tournament, commonly known as March Madness, likely played a significant role in driving up betting activity, as millions of sports fans across the country tuned in to watch the games and place bets on their favorite teams.
In addition to the increase in handle, Virginia also saw a significant increase in revenue generated from sports betting in March. The state reported a total revenue of $46.3 million, up from $24.5 million in February. This represents a 88.6% increase in revenue month-over-month, highlighting the growing profitability of the sports betting industry in the state.
Some of the top-performing sportsbooks in Virginia in March included FanDuel, DraftKings, and BetMGM. FanDuel continued to lead the market with a total handle of $197.2 million, followed closely by DraftKings with a handle of $131.8 million and BetMGM with a handle of $69.6 million.
Overall, the record-breaking month in March is a positive sign for the future of sports betting in Virginia. As the market continues to mature and more sportsbooks enter the state, it is likely that we will see even greater growth and revenue in the coming months. With sports betting becoming an increasingly popular form of entertainment for sports fans, Virginia is poised to continue its success in the industry.
