When you are running your sportsbook using a sports betting platform, you always have to look at the numbers- not just the weekly or daily wagers, but the monthly numbers, the trends. You need to know if your sportsbook is growing in terms of number of players, activity, and, most importantly, profit. Knowing the direction of your sportsbook activity can help you plan and see what the sportsbook will be doing in the near future. For instance, take the sportsbooks in Virginia. The Virginia Sports Betting handle for all sportsbooks in the state for March took in $304.1 million.
This is only the second full month that Virginia has a legalized sports betting market. The state opened its doors to sportsbooks back in January 21. The handle that the state is getting is indicative of a healthy betting market which has the potential to grow. And, as with many bookie pay per head operators, we’ll take a look at all of the numbers.
Virginia Sports Betting Handle
March’s $304.1 million is a good 14.4% increase from February’s $265.8 million. And out of the $304.1 million, Virginia sports bettors won $277.5 million. The hold is at 8.74%, and the adjusted gross revenue for the state for March is $13.5 million. Deductions come from other expenses as well as promotions and bonuses that sportsbooks offer.
Virginia has the 6th highest sports betting handle in the US, certainly not bad for a very young market. Currently, there are 7 sportsbooks operating in Virginia. All of these are online sportsbooks. Currently, due to the pandemic, many establishments remain either closed, or operating in limited capacities. So, for theose who use the best bookie software, make sure you make the most out of its tools. As you can clearly see, all $304.1 million worth of wagers in Virginia were done through online sportsbooks.