VA Bettors wagered more than $83 million on March Madness

VA Bettors wagered more than $83 million on March Madness

The Virginia Lottery today released its report on sports wagering activity submitted by licensed operators for the month of March, the second full month of reporting since legal sports betting launched in Virginia on Jan. 21.

Between March 1 and March 31, 2021, Virginians wagered $304,066,245 (“handle”) and won $277,492,368, for a combined 8.74%operators win percentage (“hold”). Wagering on college basketball tournament activities involving non-Virginia colleges and universities for the month of March totaled $83,572,156 comprising 27.48 % of total wagers for the month.

The six licensed operators included in March’s reporting were Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team, Crown Virginia Gaming LLC (Draft Kings), BetMGM LLC, Portsmouth Gaming Holdings LLC (Rivers Casino Portsmouth), Caesars Virginia LLC (William Hill) and WSI US, LLC (Wynn).A complete list of all approved operators can be found here. Additional details about the first three months of legal sports wagering activity were presented to the Virginia Lottery Board at its April 21, 2021 meeting, and that presentation can be viewedhere.

State law places a 15% tax on sports betting activity based on each permit holder’sadjusted gross revenue (AGR), which is defined as total wagers minus total winnings and other authorized deductions. Virginia’s statute allows operators to deduct certain customer acquisition costs from AGR, and operators reported $10.34 million in bonuses andfree-play incentives in March:

March 1 – 31, 2021

Gross sports gaming revenues:
$304,066,245

Gross winnings:
$(277,492,368)

Bonuses and Promotions:
$(10,340,533)

Other deductions:
$(2,388,332)

AGR (Adjusted Gross Revenue):
$13,845,012

Three operators reported positive AGR for March, and the resulting tax collection is as follows:

Total Tax:
$1,183,487.58

General Fund:
$1,153,900.39

Problem Gambling Treatment and Support Fund:
$29,587.19

Of the state tax on sports betting AGR, the statute specifies 97.5 percent is to be deposited in the state’s General Fund and 2.5 percent is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health.

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