Bookies battle back: Virginia bettors beaten by sportsbooks in March

Sports Betting Tennessee
Posted at 10:40 AM, May 03, 2021

RICHMOND, Va. (AP) — Sportsbooks in Virginia have finally recorded a victory over bettors in the state’s emerging sports gambling market.

Numbers released Friday by the Virginia Lottery show that online sportsbooks in Virginia recorded a collective profit of $13.8 million in March. That translated to $1.2 million in tax revenue for the state.

In January and February, the first two months in which sports wagering was legal in Virginia, the sportsbooks actually lost money to bettors, thanks in large part to the heavy bonuses and promotions sportsbooks are offering to lure new customers.

In March, bettors put down $304 million in wagers, with “March Madness” bets on college basketball boosting the handle.

The February handle was $266 million.