Virginia sports betting handle reaches $401.9m in February

Players in Virginia staked $401.9m (£307.5m/€368.9m) on sports betting in February, while gross gaming revenue (AGR) in the state amounted to $7.9m.

Handle for the month was 51.2% higher than $265.8m in February 2021, but down 17.2% from the record $485.5m in January of this year, figures from the Virginia Lottery showed.

The monthly handle included $33.2m in bets on the National Football League’s Super Bowl.

AGR – which is defined as total bets minus total winnings, bouses and promotions and other authorised deductions – improved year-on-year from a loss of $3.2m in February 2022 to a positive figure of $7.9m.

However, the monthly total was 56.6% behind $18.2m in AGR generated in January.

Consumers won $374.4m from sports betting in February, while the Virginia Lottery also noted $15.8m in bonuses and promotions were handed out during the month and $3.8m in other deductions were recorded.

The state generated $1.4m in tax from sports betting for the month, with $1.37m of this going to the General Fund Allocation and $35,157 the Problem Gambling Treatment and

Support Fund Allocation.

Since the market opened in January of last year, players wagered $4.11bn on sports, while AGR reached $157.0. Consumers won a total of $3.76bn and the state generated $24.6m in tax.

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Author: Raymond Fleming