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FanDuel Continues To Shine In Virginia Mobile Sportsbook Scene

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Regulation

2024-08-09

FanDuel Continues To Shine In Virginia Mobile Sportsbook Scene

FanDuel‘s iron grips on the top revenue and handle spots in Virginia continued in June according to a fulfilled Freedom of Information Act by the Virginia Lottery.

The mobile juggernaut claimed more than $20 million in gross sports betting revenue for the seventh straight month, finishing with $21.3 million thanks to a 13.5% hold from $157.3 million worth of accepted wagers. FanDuel surpassed $750 million in all-time gross winnings in the Old Dominion, and its 12.6% win rate through the first half of 2024 lifted its all-time hold to 11.6%.

Overall, six of Virginia’s 15 mobile sportsbooks grossed at least $1 million in revenue for June, which was also the final month of operation for Sports Illustrated Sportsbook. June was also the final full month of operations for SuperBook, which ended its mobile operations in eight states outside Nevada on July 22.

June was a good month for Virginia sportsbooks overall as they combined for $45.5 million in gross revenue and a hold just shy of 11% against $415.4 million in handle. The 10.2% hold for the first six months of 2024 has contributed to a 25% rise in revenue year-over-year.

Over the past 24 months, FanDuel has posted a single-digit hold on just two occasions — last November at 6.5% and March at 8.9%. Otherwise, its win rates have ranged from 11% to 15.6%. June marked the third straight month FanDuel had a 13% or higher hold, its longest such streak since a five-month run from August-December 2022.

FanDuel’s gross revenue of $166.4 million for the first half of the year is up 22.8% compared to 2023. That is slightly behind the 23.1% rise in handle to $1.32 billion because FanDuel had holds of 11.6% or better in each of the first six months of last year.

DraftKings was a distant yet clear-cut second in the Old Dominion after crafting a 9.6% hold to claim $11.5 million in winnings from $120.1 million in handle. It has a 10-month streak of eight-figure revenue totals, and its $85.3 million in gross winnings this year is up 34% from the first six months of 2023.

Though BetMGM easily claimed third for handle at $43.4 million, bet365 pipped it for the final podium spot in gross revenue thanks to a 14.6% hold from $25.5 milllion — tops among mobile books for June — that resulted in $3.7 million to BetMGM’s $3.6 million.

But BetMGM reported only $756,100 in canceled and voided wagers compared to nearly $1.2 million for bet365. That allowed BetMGM to finish third in adjusted revenue at $2.9 million versus $2.6 million for bet365.

The England-based sportsbook, though, has been taking a page from FanDuel’s playbook — it has posted a double-digit win rate in 16 of its first 18 months of operations and has a state-leading 13.3% hold in 2024, reaping $22.8 million in gross revenue from $171.3 million in handle.

Caesars fended off ESPN BET to round out the top five in both groups, with the two separated by $6 million in handle and $287,700 in revenue. ESPN BET had the better hold of the two at 7.8%, and its $15.9 million handle was more than double the $7.2 million predecessor Barstool Sportsbook had in June 2023.

The seventh through ninth spots for handle were separated by less than $152,000, with Hard Rock Bet‘s $8.7 million worth of bets edging out Fanatics Sportsbook and BetRivers. The gap in revenue was larger, with Fanatics leading the trio with $854,800 thanks to a 9.9% hold.

Hard Rock Bet had an 8.9% win rate to claim $774,000, while BetRivers landed at 5.7% in collecting $485,900. It was the eighth time in the last nine months BetRivers failed to reach the 7% industry standard hold, but its $2.9 million in revenue this year is up 31.7% compared to 2023 because its $62.1 million handle is up 80.5%. BetRivers also surpassed $400 million in all-time handle with its $8.5 million reported for June.

Betway, which is winding down sports betting operations in the U.S. during the second half of 2024 as parent company Super Group is turning its focus to internet casino gaming in Pennsylvania and New Jersey, completed the top 10 with nearly $100,000 in revenue from $1.1 million in handle to fashion a 9.1% hold.

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