In the latest news, the Virginia betting handle is up, breaking the half a billion mark in March. This March, the Virginia Lottery disclosed that its retail sportsbooks and online sportsbooks received $511.6 million in wagers. This gives us a 20% increase in handle from February's $433.8 million. This March's handle also marked a 9% year-on-year increase, and this tells us that it is profitable to be part of the gambling industry workforce.
Out of the total amount wagered in March, sportsbooks paid out $456.3 million to winners, keeping a gross revenue of $55.3 million. In comparison, February's revenue was only $39.8 million. Your sportsbook pay perhead business will likely reflect similar increases in handle and revenue. March is typically one of the busiest months in sports betting in the US.
Virginia Betting Handle and Revenue are Up
Looking at the hold percentage, January had 9.7%, which dropped to 9.1% in February. It again increased in March, with a 10.8% hold. Out of all of the wagers made, only 0.9% come from retail sportsbooks. This means that online sports betting is the most popular way for Virginia residents to be able to bet on sports.
If you keep track of sports news, specifically basketball and hockey news, you will be able to easily see the potential for your sportsbook to earn a lot in the next month. April will play host to the NBA season entering the playoffs, as well as other sports like hockey and baseball. We would not be surprised if we will see even higher numbers for the next month.
