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.
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