FanDuel Dominates Virginia Mobile Sports Betting In April

FanDuel remains the largest mobile sports betting contributor in Virginia, according to a Freedom of Information Act request by the Virginia Lottery.

FanDuel accounted for more than half of Virginia’s total gross sports betting revenue in April

Virginia collected $60 million in total gross sports betting revenue in April. That was the fourth time in 40 months of all-time wagering. Online sports betting was first legalized in the Old Dominion in July 2020.

FanDuel accounted for more than half of that $60 million total at $31.2 million. It was also the fourth time in the last seven months it surpassed $30 million.

Licensed operators earned $60.4 million from wagers via sports betting apps. This resulted in a 10.8% hold for the 14 operators. The state set an April record in handle with $563.5 million in bets placed, a 32.3% increase from $426 million in April 2023.

The Virginia Lottery draws its numbers from 14 sportsbooks in the Mother of States: Bally Bet, bet365, Betfred Sports, BetMGM, BetRivers, Betway, Caesars, DraftKings, ESPN BET, Fanatics, FanDuel, Golden Nugget, Hard Rock Bet, and SuperBook.

Three sports betting companies recently left the state. WynnBet ended operations in April, and Unibet Sportsbook shut down on April 11. Virginia lost 888 Sportsbook, also known as SI Sportsbook, this past Monday as well.

The sportsbook posted a 13.5% hold against $231.8 million in handle

FanDuel recorded a 13.5% hold against $231.8 million in handle. It has a 12% hold through the first four months of 2024. The sportsbook’s $116 million in gross winnings this year have propelled its all-time total above $700 million.

DraftKings was a distant second in April, posting $13.6 million in revenue. That was an increase of over $1 million from March. Its 9.2% hold from $148.4 million in wagers was two percentage points higher.

Of course, DraftKings has now registered at least eight-figure revenue totals for eight consecutive months. About $59 million was generated in the first four months of this year.

BetMGM accepted $60.9 million in bets for April. The sportsbook had a 56.1% month-over-month increase in revenue to $6.4 million, with its 10.4% hold its first in double digits since January.

FanDuel leads the Virginia sports wagering industry with 40.1% of the market share for the first quarter of 2024. DraftKings is second at 27.2%, followed by BetMGM at 10.8%. Caesars (6.1%) and ESPN BET (5%) round out the top five.

According to the Virginia Lottery, the state collected $8.21 million in tax revenue from sports gambling in April. The state taxes sports wagering revenue at 15%.