Sports Betting
FanDuel had the largest handle and revenue for all Virginia sportsbooks in August
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished3 hours ago on October 08, 2024
According to the Virginia Lottery, FanDuel had the largest handle and revenue for all sportsbooks in August. Their streak of a double-digit hold stretched to five months with an 11.2% win rate. FanDuel collected $16.8 million in revenue from a $150 million handle. The industry leaders went over $200 million in gross winnings year-to-date. Sportsbooks across the state claimed $40.1 million in revenue from $417 million in wagers.
How did the top four Virginia sportsbooks fare in August?
In August, five mobile sportsbooks each surpassed a $20 million handle. Those operators included FanDuel, DraftKings, BetMGM, bet365, and Caesars. Four of those five mobile operators increased their handle compared to August 2023. However, Caesars was the outlier with wagering dropping 19.2% compared to last year. Bet365 beat out Caesars for the fourth spot
Their handle jumped 73.6% to $28.9 million in August 2024. FanDuel saw action increase 25.4% year-over-year. DraftKings’ $123.6 million handle was up 31.9% compared to their figures from August 2023. They narrowly extended their streak of $10 million in monthly gross revenue to 12. DraftKings beat that number out by $84,700.
FanDuel’s gross revenue in August was three percentage points higher than DraftKings’ 8.2% win rate. DraftKings had $8.9 million in taxable winnings compared to FanDuel’s $15.5 million. BetMGM’s handle in August surged 41.6% to $49.6 million. Their 10.5% hold was enough for $5.2 million in gross winnings. That was up 43.7% year-over-year.
Where did the second tier of sportsbooks in Virginia rank?
Penn Entertainment is the parent company of ESPN BET. Their handle jumped 75.5% to $14.1 million in August. The company was partnered with Barstool Sports in August 2023 but they’ve since partnered with ESPN BET. Fanatics Sportsbook saw its handle reach an all-time high of $11.7 million. That was an outstanding 175.9% increase.
For the first time in Fanatics history in Virginia, they cleared $1 million in gross revenue. Their 8.7% hold helped them clear the $1 million mark by $17,800.
