- More than $304 million was bet on sports in Virginia in March.
- This can mainly be attributed to March Madness betting throughout the month.
- FanDuel is the biggest sportsbook in the state, claiming 53% of the market.
RICHMOND, Va. – Sports betting fans in Virginia wagered heavily in March, boosting the market month over month in both betting handle and sports betting revenue.
Thanks to locals placing action on March Madness, the market was able to see major growth compared to the betting activity in February.
The market has been strong since officially launching mobile betting in January, seeing big numbers in the first three months consistently. Virginia sports betting is already becoming a major player in the overall U.S. sports betting market.
March Madness Betting Boom
As reported by the Virginia Lottery, sportsbooks saw $304,066,245 in betting activity in March. This is up from the $265.8 million wagered in February, which is a 14.4% increase.
The total sports betting revenue, the Birthplace of a Nation took in $26,573,877 for a hold rate of 8.74%. As the state collects 15% of gross sports gaming revenue, $1,183,487.58 went to the state with $1,153,900.39 going to the general fund and $29,587.19 going to the Problem Gambling Treatment and Support Fund.
During the lottery board meeting, it was revealed that $83,572,156, or 27.48% of all wagers came from those betting on March Madness.
Also in the meeting, FanDuel was shown to be the biggest sports betting entity in the state, claiming 53% of the total market in March, which is more than double the 25% of the market held by second-place DraftKings.
FanDuel saw approximately $333.2 million wagered on sports compared to the $157.2 million at the DraftKings sportsbook.
FanDuel launched in Virginia on January 21, an entire three days before DraftKings, and six days before BetRivers and BetMGM launched.
Being first proved to be beneficial in the market, as now FanDuel has a strong early lead on all other legal sports betting operations in the Virginia market.
While FanDuel has a strong hold on the market, it is still a new sports betting market. It will be interesting to see how the competition in Virginia will shift monthly as more sportsbooks launch.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.