The revenue generated from customer winnings in Virginia’s regulated sports betting market saw a significant 13.1% increase in the month of February, amounting to a total of $12.2 million.
In March, the handle in Virginia’s sports betting market increased by 14.4% compared to the previous month, driven in part by the ‘March Madness’ US college basketball tournament.
The total amount of money placed as bets on college basketball games involving teams outside the state in March was $83.6 million, which accounted for 27.5% of all bets made during that month.
In the month of March, the finance industry witnessed significant gains in the sports betting sector. Players were successful in accumulating an impressive total of $277.5 million in winnings, while simultaneously contributing to the state’s economic growth. As a result, the government collected a substantial amount of $1.2 million in taxes, showcasing the financial benefits derived from this lucrative form of entertainment.
| Month | Total Winnings from Sports Betting | Tax Collection |
|---|---|---|
| March | $277.5 million | $1.2 million |
