Betting News

Virginia’s March betting surge hits the third-highest record

In March, Virginia saw a relative increase in sports betting activity due to a robust schedule of sporting events. It was so evident during the tournaments, such as March Madness, the start of the MLB season, and the important milestones in the NHL and NBA seasons. Virginia’s collected online sports betting profits, estimated at $629 million, account for nearly all the total state wagering from these platforms.

The bettors who used digital platforms to place the bets collected a total of $582 million in winnings, while the operators retained 7.5% of it in profit. Amazingly, this percentage dropped from 9.3% in February, which was the highest of the time, as there was less betting activity during that month. The land-based sportsbooks contributed only about $5.9 million in gross earnings, with net winnings worth approximately $542,538.

In March, individuals gambled a total of $635 million in Virginia’s online and retail sportsbooks. It is the third-highest handling in a single month in the state’s sports history, beginning in January 2021. January saw the highest rate of betting activity, totaling $652.8 million, followed by November with $638.8 million. For enthusiasts comparing trends in the best online casinos USA, this data reflects a robust model of regulated and lucrative betting environments.

In March, the operators reported a total adjusted gross revenue of $42 million, thus paying $6.3 million in taxes. The General Fund was the main source of most of these taxes, which totaled around $6 million. Additionally, the Department of Behavioral Health and Developmental Services in Virginia set aside an amount of $156,277 for the Problem Gambling Treatment and Support Fund.

Looking at the income generated by casinos, Nevada’s gambling establishments broke the successful record with a historical month of remarkable revenues. They achieved a remarkable gaming revenue of $65.1 million in March, the highest amount since the state began monitoring this in July of the prior year. The positive trend has continued for the past five months, and all three operational casinos have surpassed $50 million in total gaming revenues every single month.

The highest-grossing casino out of the casino industry in Portsmouth is Rivers Casino Portsmouth, for as much as $27.7 million in adjusted gross revenue. Caesars Virginia and HR Bristol overtook it with their impressive earnings of approximately $21 million and $16.27 million, respectively. Among the games sold, slot machines came out on top, generating over $48.9 million and contributing 75% of the total casino revenues.

In March, the state collected $11.7 million in taxes from various activities. This demonstrates that Virginia’s gambling sector is expanding as more people become interested in and participate in sports betting and casino gambling. Such forms of entertainment not only provide people with enjoyment, but they are also regarded as significant contributors in economic growth since they bring in large sums of money that are shared by the government and used to support state programs.

Edna Boykin

Edna Boykin started her career as a financial news writer. And, she was withal active in stock trading. From the commencement of her vocation, she is passionate about online poker games. As she likes to play poker and roulette, she knows the casino industry exhaustively. She recently joined Times of Casino as a news writer. She regularly contributes in-depth breaking stories and news updates of the casino industry.

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