In March 2021, Virginia saw a significant increase of 68.2% in sports betting revenue. This is a remarkable achievement for the state, considering that sports betting was only legalized in Virginia in January 2021. The surge in revenue is a testament to the growing popularity of sports betting in the state.
According to the Virginia Lottery, which regulates sports betting in the state, the total sports betting handle for March was $304.1 million. This represents a 14.3% increase from February’s handle of $265.8 million. The total revenue generated from sports betting in March was $26.4 million, up from $15.7 million in February.
The majority of the revenue came from online sports betting, which accounted for $24.4 million of the total revenue. Retail sports betting, which is available at five casinos in the state, contributed $2 million to the total revenue.
The most popular sport for betting in Virginia was basketball, which accounted for 37.6% of the total handle. Football was the second most popular sport, with a 30.3% share of the handle. Other popular sports included baseball, hockey, and soccer.
The surge in sports betting revenue can be attributed to several factors. Firstly, the NCAA March Madness basketball tournament took place in March, which is one of the biggest sporting events of the year. This event alone generated a significant amount of betting activity.
Secondly, the COVID-19 pandemic has led to an increase in online betting activity as more people are staying at home and using their mobile devices to place bets. This trend is likely to continue even after the pandemic subsides.
Lastly, the legalization of sports betting in Virginia has created a new market for sports bettors and operators. The state has a population of over 8 million people, and with online sports betting now legal, operators have access to a large and growing market.
In conclusion, the significant increase in sports betting revenue in Virginia in March is a positive sign for the state’s sports betting industry. With the popularity of sports betting on the rise and more states legalizing it, Virginia is well-positioned to become a major player in the industry. As more operators enter the market and more sports events take place, we can expect to see even more growth in the coming months and years.
