FanDuel Continues to Rule Mobile Roost in Virginia

FanDuel Continues to Rule Mobile Roost in Virginia article feature image
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FanDuel again topped the lists for sports betting handle and revenue in Virginia for August, according to a Freedom of Information Act request that was fulfilled by the Virginia Lottery.

FanDuel ran its streak of double-digit holds in the Old Dominion to five months with a 11.2% win rate, potting $16.8 million in gross sports betting revenue from close to $150 million handle. That was enough to send the mobile juggernaut over $200 million in gross winnings for the calendar year.

FanDuel's solid August, though, was not enough to lift the overall statewide hold to 10% for the fifth straight month, as it landed at 9.6%. Sportsbooks in Virginia claimed $40.1 million in gross revenue for August from $417 million in wagers.

Big 4 Show Big Year-Over-Year Handle Bumps

Five mobile sportsbooks — FanDuel, DraftKings, BetMGM, bet365 and Caesars — surpassed $20 million in handle. Four of the five posted notable increases in handle compared to August 2023, but Caesars was the outlier as action dropped 19.2% to $20.3 million.

Bet365 overtook Caesars for fourth, as the England-based book's handle jumped 73.6% to $28.9 million. August adjusted gross revenue (AGR) for the pair also went in markedly different directions.

Bet365 had more than a six-fold increase to $2.4 million, a figure boosted by no longer being allowed to deduct promotional credits after claiming $665,500 in such bonuses in 2023. Caesars, meanwhile, had the lowest hold for gross revenue among the 11 mobile operators at 4.3%, and its $590,800 in AGR represented a 61.4% decline.

FanDuel's action increased 25.4% compared to last year, while the $123.6 million handle recorded by DraftKings was up 31.9% from 12 months prior. DraftKings narrowly extended it streak with $10 million in monthly gross revenue to 12, exceeding the eight-figure benchmark by $84,700.

FanDuel's hold for gross revenue, which was three percentage points higher than the 8.2% attained by DraftKings, also provided separation in AGR for the eternal rivals. FanDuel had $15.5 million in taxable winnings compared to $8.9 million for DraftKings.

BetMGM continues to be on an island for the No. 3 slots in the Old Dominion, but the dog days of summer were good to the sportsbook for a second straight year. August handle surged 41.6% to $49.6 million, and a 10.5% win rate led to $5.2 million in gross winnings — up 43.7%.

It was the first time BetMGM had a double-digit hold in back-to-back months since July and August of last year. This year's haul for those two months was $9.7 million, a rise of 23.3% from 2023.

ESPN BET & Fanatics Tangle in Next Tier

ESPN BET and Fanatics rounded out the group of seven mobile sportsbooks with at least $10 million handle. The PENN Entertainment book made a notable improvement on predecessor Barstool Sportsbook's figures from last August. Handle spiked 75.5% to $14.1 million, though gross revenue lagged with only 57% growth as the 5.6% hold was two-thirds of a percentage point lower.

Fanatics posted bigger growth percentages, succeeding PointsBet in the Old Dominion in its best month since entering the state last November. Handle reached an all-time high of $11.7 million, a 175.9% increase, and Fanatics eclipsed $1 million in gross revenue for the first time, as an 8.7% hold helped it clear the benchmark by $17,800. Year-over-year revenue climbed 139.1%.

Hard Rock Bet and BetRivers were separated by roughly $200,000 in handle and $36,800 in gross revenue. Hard Rock had the higher handle of the pair at $7.6 million, but BetRivers pipped it for revenue with $556,700 thanks to a 7.6% win rate that was seven-tenths of a percentage point better.

Football Futures Likely Key Strong Retail Numbers

Virginia's three retail sportsbooks each had holds above 20% in August, as they grossed $438,000 from just $1.9 million handle.

The Virginia Lottery does not break out handle and revenue by sport categories, but August is usually a prime month for bettors to make college football and NFL futures wagers. Additionally, college football kicked off its regular season with a Week 0 slate in late August.

Rivers Casino in Portsmouth accounted for the bulk of retail action, claiming$257,700 in revenue from $1.2 million handle. Hard Rock edged over six figures at $100,200 with a 26.1% win rate from $384,400 in wagers, and Caesars in Danville topped $80,000 as it neared a 26% hold on $308,800 handle.

About the Author
Chris is a Senior Analyst at Better Collective US and his focus is breaking down monthly sports betting revenue figures from state agencies across the United States. Prior to joining Better Collective in November 2019, Chris acquired more than two decades worth of experience at three national sports news wire services.

Follow Chris Altruda @altruda73 on Twitter/X.

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