Virginia posts $319M sports betting handle in August, with FanDuel accounting for nearly 38% of mobile bets

October 5, 2023 admin 95 Views

The Virginia Lottery released its revenue report for sports betting activity during the month of August. The 14 online sportsbooks and the state’s retail location generated $319 million in handle in the past month, which was up by 8.6% when compared to July.

Out of the total handle, operators claimed close to $32.4 million in gross revenue. The state taxed $27.9 million of that amount, as promotional credits and other deductions totaled nearly $4.5 million.

Handle increased by over 12% year-on-year. The Virginia Lottery in a press statement noted: “Between August 1 and August 31, 2023, Virginians wagered $319,005,942… 12.1% higher than last August.”

Revenue of $27.9 million was down by 1.1% when compared to July’s $28.2 million. This was attributed to bettors winning a bigger share of their bets. Bettors won $25.5 million more in August than what they had won in July.

FanDuel accounts for nearly 38% of sports mobile handle in August

According to the Virginia Lottery, FanDuel accounted for almost 38% of the state’s $315.6 million mobile handle in August. The operator accepted $119.6 million worth of wagers and generated $14.8 million in gross revenue.

FanDuel’s hold for August was 12.4%, which topped 12% for the sixth consecutive month. The operator also showed a double-digit win rate for the 14th time in a row, which cleared $500 million in all-time gross revenue in the Old Dominion.

Second in line was DraftKings, which posted a mobile handle of $94 million and revenue of $7.6 million. The operator had an 8.1% hold, which was its lowest since February when it had a 6.3% win rate. Its year-on-year hold is over 9% with $79.7 million in gross winnings from the $883.3 million handle.

Overall, six of Virginia’s 14 mobile operators generated a double-digit hold in August, while five had at least $1 million in gross revenue. BetMGM and bet365 both. While BetMGM had a 10.4% hold to claim $3.6 million from a $35 million handle, bet365 nearly achieved an 11% win rate, as it claimed $1.8 million of the $16.6 million wagered.

Meanwhile, Virginia’s three retail sportsbooks posted more than $434,000 in gross winnings from $3.4 million handle. Caesars Sports in Danville claimed close to $232,000 from $1.1 million worth of wagers, while Rivers Casino in Portsmouth kept nearly $158,000 of the $1.4 million wagered. Hard Rock in Bristol reported more than $44,300 in revenue from nearly $840,000 worth of wagers.