Virginia Mobile Sportsbooks Post First Net Monthly Profits In March

The first two months of business for Virginia’s mobile sportsbooks showed an expected negative revenue pattern, as welcome bonuses and pre-launch offers counted against adjusted gross revenue. March 2021 marked the end of the days of putting a minus sign in front of Virginia sports betting revenue totals.

Virginia’s six mobile sportsbooks generated just over $304 million in March betting handle, and overall combined adjusted gross revenue came in at $13,845,012. Three of the six online sportsbooks operating in Virginia in March posted net positive revenues, and the state collected $1,183,488 from those three operators.

Virginia Sports Betting Revenue March 2021

 Overall Betting HandleAdjusted Gross RevenueSports Betting State Tax
March 2021 $304,066,245
$13,845,012
$1,183,488

A total of six online sportsbooks offered legal wagering in Virginia in March. The Virginia Lottery can award a maximum of 12 mobile sports betting licenses, so the March 2021 revenue numbers reflect a Virginia industry with only half of all possible online sportsbooks in business.

DraftKings Sportsbook, FanDuel Sportsbook, BetMGM, BetRivers, and William Hill were joined by the debuting WynnBET in March. The March numbers released by the Virginia Lottery show a continued upward trend for online sports betting, as Virginia stands among the top mobile sports betting markets in the US right out of the gate.

With $304 million in monthly online betting handle, Virginia leapfrogged Colorado into presumable the No. 6 spot among mobile sports betting markets in the US. Only New Jersey, Pennsylvania, Nevada, Michigan, and presumably Illinois (March numbers pending) produced more online sports wagers than Virginia in March.

The Virginia Lottery reported that only three of the state’s six online sportsbooks produced positive adjusted gross revenues in March. State sportsbooks still produced a combined $13,845,012 in positive revenue in March, as Virginia’s mobile sports betting industry turned the corner into profitability for the first time.

The other three sportsbooks will eventually get into the black as well, as the true potential for the Virginia sports betting market begins to unfold. Unibet Sportsbook debuted in Virginia on April 28, becoming the state’s seventh online sports betting platform. Unibet’s first full month of operations won’t be reflected until the May 2021 monthly revenue figures are released.

The state collected $1,183,488 in March sports betting taxes. All three metrics of betting handle, adjusted gross revenue, and state tax collection should continue to climb for Virginia, which projects as a possible top-five US sports betting market at full maturity.

About the Author

Geoffrey Fisk

Geoff Fisk is a San Diego-based freelance writer, specializing in the poker and gambling industries. He’s written for numerous platforms and has traveled the globe as a live poker tournament reporter. Geoff’s interests include the legal online poker industry in the U.S. and abroad.