Virginia sportsbooks enjoyed March Madness. They got more than $300 million in wagers in March. Thus, it became the eighth state to achieve the milestone. The record handle gave Virginia its first positive month in terms of adjusted gross revenue.
Pay per head for sportsbooks analysts expected Virginia to do when the state launched its sports betting market in January. Also, the market surpassed their expectations. The timing was essential as the NCAA tournament and Super Bowl took place right after the launch.
According to sports betting bookie software reports, the only way that Virginia could have a better start is if the state allowed wagering on in-state college teams. The handle would have been higher during March Madness.
Virginia Sportsbooks Enjoyed March Madness Handle
Virginia sportsbooks got $304 million in wagers in March based on the latest Virginia Lottery report. Despite the ban on betting on any of the Virginia teams that qualified for the NCAA basketball tournament, sportsbooks got almost $10 million each day in March. It was up from $9.5 million in February.
According to sportsbook pay per head sources, sports betting platforms won $26.6 million, up from $12.2 million the previous month. Also, it was the first month when the adjusted gaming revenue was positive at $13.8 million. It resulted in $1.2 million in taxes, including around $30,000 for the problem gambling initiative.
Out of the eight states that reached $300 million a month, Virginia is the youngest to achieve the milestone. Also, it generated $628 million in wagers since its launch in January. Illinois was the first state to reach the milestone in September 2020. Michigan took 11 months after its sports betting launch to reach the $300 million mark.
At present, Virginia has seven online sportsbooks. The latest one is Unibet, which debut in April.