Virginia Sports Betting Hits $689.7M in March

RICHMOND, VA — Sports bettors in Virginia collectively wagered nearly $690 million in March 2025, marking a significant surge in activity that both outpaced the previous month and exceeded figures from a year earlier. The $689.7 million handle represents an 8% increase over March 2024 and a notable 23.9% jump from February 2025, underscoring a strong seasonal uptick likely tied to the NCAA basketball tournament and other major sporting events.

Data released by the Virginia Lottery shows that the state’s adjusted gross revenue (AGR) from sports betting reached $45.1 million in March. This reflects a 6.4% increase year-over-year, up from $42.4 million in March 2024. However, despite the annual growth, March revenue fell 27.1% short of the previous month’s total, signaling a return to more normalized levels after February’s inflated figures, which may have been driven by Super Bowl betting.

Mobile and online betting remained the overwhelming preference for Virginians. Of the total amount wagered, $683.1 million—or over 99%—was placed through mobile platforms. Retail sportsbooks accounted for a comparatively small $6.6 million in bets, contributing $692,282 to overall revenue. Mobile betting also generated $44.4 million of the month’s AGR, continuing a trend that has consistently favored digital platforms since Virginia legalized sports betting in 2021.

The statewide hold percentage—calculated as the share of wagers retained by sportsbooks—was 6.58% in March. Players received approximately $639 million back in winnings, reflecting a healthy payout ratio in line with industry standards. Additionally, the report noted $5.6 million in “other deductions,” though the Virginia Lottery did not disclose details behind this category.

Virginia collected $6.8 million in tax revenue from sports betting for the month. Of that total, $6.6 million was directed to the state's General Fund, which supports various public initiatives and services. Another $168,873 was allocated to the Problem Gambling Treatment and Support Fund, a program dedicated to addressing the risks of compulsive gambling behavior.

Currently, Virginia authorizes 14 mobile operators and three physical casino sportsbooks to offer legal sports betting. While the Virginia Lottery provides broad monthly data, it does not publish performance results for individual operators, making it difficult to assess market share or operator-specific growth trends.

 

Virginia’s sports betting market continues to show growth, with mobile wagering driving the bulk of the activity. March’s $689.7 million handle highlights a solid year-over-year increase, despite a dip in revenue from February’s peak.

 

The Future

March’s numbers reinforce the consistent upward trajectory of Virginia’s regulated sports betting market, now in its fourth full year of operation. The month’s increase in handle and revenue—despite a sequential dip from February’s high—suggests a stable and maturing market driven largely by online participation and seasonal betting patterns.

Looking ahead, industry analysts will be watching April and May figures to determine whether Virginia’s sports betting market can maintain its momentum as the sports calendar enters a typically quieter period.