Virginia Lottery Releases March Sports Wagering Activity Report. Total Handle Increased 9% Y-o-Y
Virginia (May 1, 2023) — The Virginia Lottery today released its report on sports wagering activity submitted by licensed operators for the month of March 2023.
Between March 1 and March 31, 2023, Virginians wagered $511,614,541(“handle”), 9.0% higher than last March. A complete list of all approved operators can be found here, under the “approvals” tab.
Virginia bettors won a total of $456,355,631 for a combined 10.80% operators win percentage (“hold”).
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.
|Gross sports gaming revenues||$507,025,619||$4,588,922||$511,614,541|
|Allowable Bonuses and Promotions||($3,802,388)||$0||($3,802,388)|
|AGR (Adjusted Gross Revenue)||$47,106,308||$545,054||$47,651,362|
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 and Developmental Services.
Ten operators reported net positive AGR for March, leading to $7.4 million in tax payments for the month:
|General Fund Al__cpLocation||$7,227,882.39|
|Problem Gambling Treatment and Support Fund Al__cpLocation||$185,330.32|
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 are posted at www.valottery.com/casinosandsportsbetting.
SOURCE: The Virginia Lottery.Tags: Virginia Lottery, Sports Wagering, March Report