Sportsbooks In Virginia See 2nd Highest Hold In History

Virginia sportsbooks took in a near-record handle in March 2022.
March Madness bets in Virginia may have accounted for a large portion of bets.

RICHMOND, Va. – Online sportsbooks in Virginia did well for themselves in March 2022, recording the second-highest since the state legalized online and mobile sports betting.

March 2022 saw Virginia sportsbooks accept $469,484,0147 in bets, second only to January 2022 when the state handled $485,544,417.

Virginia sports bettors won $435,784,001, which is also the second most all-time to January 2022, which was $446,494,350.

Sportsbook Promotions Cutting Revenue In Half

Virginia sportsbooks had an adjusted gross revenue (AGR) of $14.3 million. Those same sportsbooks counted $14.1 million in bonuses and promotions.

The Virginia Lottery’s report shows that the sportsbooks took in roughly $34 million then they had to pay out in March, but by writing off roughly $19.5 million in bonuses, promotions, and other deductions, the sportsbooks only saw an adjusted revenue of $14,324,441.

The state revenue tracker indicates that despite the second largest handle in state history, the tax collected in March 2022 would be the second-lowest since February of 2021.

Virginia Sports Betting Handle Cracks Top Ten Of All States

Virginia sportsbook’s $469.5 million of accepted bets in March of 2022 puts them in elite company amongst the biggest sports betting states in the United States: New York, New Jersey, Nevada, Pennsylvania, Colorado, Michigan, and Indiana. This was Virginia’s first month among the top group.

The driving force of Virginia’s giant handle is most likely bets on March Madness and the NBA. Virginia basketball fans had plenty of reasons to be interested in March Madness, as the Longwood Lancers, Norfolk State Spartans, Richmond Spiders, and Virginia Tech Hokies all qualified for the tournament, but legal sportsbooks in Virginia are prohibited from accepting bets on college teams within the state.

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Brett Crown

Brett is a passionate sports writer who majored in Sport Management at Florida State University. He combines his knowledge of stats with his understanding of game theory to find the best values when sports betting. Brett enjoys golfing, playing cornhole, and hanging out by the pool when he’s not locked in watching games.