Virginia Sports Betting Performs Well in March

The Virginia Lottery recently unveiled the numbers for March 2024, revealing that the state’s online sportsbooks achieved their third-largest monthly handle to date—an impressive $635 million. Let’s dive into the details of this record-breaking performance and see how you can replicate this performance through your bookie software.

Virginia’s sports betting scene thrived in March, fueled by a convergence of major sporting events. of course, March Madness was brewing up quite the betting storm across the country.The NCAA basketball tournament swept the nation, captivating fans and bettors alike. With bracket challenges, game-by-game wagers, and Cinderella stories, March Madness is always very lucrative for sportsbooks. You also have the MLB Season Kickoff: As baseball fans rejoiced in the return of America’s pastime, the MLB season provided a lot of betting opportunities. In fact, there is a surge in the number of people who are learning how to start a baseball betting site. After all, with thousands of games in a season, the MLB can be very profitable for bookies. Then you have the hockey and basketball regular seasons. Both leagues are playing and thinning the herd in their respective leagues as they neared the playoffs.

Virginia Sportsbooks Enjoy Increase in Handle

Virginia’s online sports betting platforms accounted for a staggering 99% of the state’s total handle. Bettors wagered a very generous $629 million, generating gross sports gaming revenues that are better than other markets.

However, the numbers are now as high as February's. Despite a smaller handle compared to February, online sportsbooks maintained a solid 7.5% hold. February’s performance boasted a stronger hold at 9.3%. Ideally, sportsbooks will want to see the hold at the double digit level to ensure a healthy level of short and long term growth.Operators reported $42 million in adjusted gross revenue for March.

Virginia Casinos Set Records as Well

Virginia’s casinos experienced their most lucrative month since reporting began in July 2022. Gaming revenues totaled $65.1 million, with slots dominating the scene.If you want a surefire way of turning in a good level of revenue in your sportsbook, you should consider doing what Virginia does- offer both sports betting and casino gaming. This can help boost your sportsbook revenue, and will come in handy during the slower months. These gambling reviews site can help you find the best software to get you started.

However, the numbers are now as high as February's. Despite a smaller handle compared to February, online sportsbooks maintained a solid 7.5% hold. February’s performance boasted a stronger hold at 9.3%. Ideally, sportsbooks will want to see the hold at the double digit level to ensure a healthy level of short and long term growth.Operators reported $42 million in adjusted gross revenue for March.

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