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Virginia Lottery LogoThe Virginia Lottery today released its report on sports wagering activity submitted by licensed operators for the month of March 2022.

Between March 1 and March 31, 2022, Virginians wagered $469,484,017 (“handle”), the second highest monthly wagering activity since the record performance in January 2022. The month of March saw increased activity due to the NCAA men’s college basketball tournament. Though Virginia statute does not allow betting on Virginia college athletics, that tournament alone brought in $109,491,552 in wagering activity.

Virginia bettors won a total of $435,784,001 for a combined 7.18% operators win percentage (“hold”). Virginia’s sports betting catalog of approved leagues and events continues to expand, and through the end of March, bettors have wagered a combined total of more than $4.5 billion on a wide variety of approved sporting events.

During the month of March, twelve licensed operators were active and accepting mobile sports wagers, with Hard Rock Digital being the latest operator to begin accepting wagers in Virginia. A complete list of all approved operators can be found here, under the “approvals” tab.

State law places a 15% tax on sports betting activity based on each permit holder’s adjusted 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 over $14 million in bonuses and free-play incentives in March:

 

Mar-22

Inception to Date

Gross sports gaming revenues

$469,484,017

$4,578,708,282

Gross winnings

($435,784,001)

($4,192,564,509)

Bonuses and Promotions

($14,104,925)

($168,841,501)

Other deductions

($5,270,649)

($46,005,858)

AGR (Adjusted Gross Revenue)

$14,324,441

$171,296,415

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.

Five operators reported net positive AGR for March, leading to $2.1 million in tax payments for the month:

 

Monthly Taxes

Inception to Date

Total Tax

$2,116,288.65

$26,739,199.77

General Fund Allocation

$2,063,381.43

$26,070,719.76

Problem Gambling Treatment and

Support Fund Allocation

$52,907.22

$668,480.01

About Virginia Lottery

The Virginia Lottery is responsible for the regulation of sports wagering in the Commonwealth of Virginia.  Monthly financial reports and other important information about legal sports wagering is posted at valottery.com/casinosandsportsbetting.