FanDuel claimed more than $20 million in sports betting revenue in Virginia for the seventh consecutive month

FanDuel is one of the top sportsbooks in the United States. According to the Freedom Information Act by the Virginia Lottery, FanDuel continues to have the top revenue sports in Virginia. For the seventh consecutive month, the industry leader claimed more than $20 million in gross sports betting revenue. They finished with $21.3 million from a 13.5% hold and $157.2 million worth of wagers. In Virginia, FanDuel passed $750 million in all-time gross winnings. Additionally, their 12.6% win rate through the first six months of 2024 lifted their all-time hold to 11.6%.

Six of Virginia’s 15 mobile sportsbooks grossed at least $1 million in revenue in June. Sports Illustrated Sportsbook had its final month of operation in June while it was SuperBook’s first month of legalized sports betting. On July 22, SuperBook ended its operations in eight US states outside of Nevada. Virginia sportsbooks combined for $45.5 million in gross revenue. Their hold was just shy of 11% with a $415.4 million handle. The state’s 10.2% hold in the first half of 2024 has contributed to a 25% rise in revenue year-over-year.

How successful has FanDuel been in the Virginia sports betting market?

Over the last two years, FanDuel has been on a dominant tear in Virginia. Only twice in the last 24 months has the industry leader had a single-digit hold. Otherwise, FanDuel’s win rate has been between 11% and 15.6%. This past June was their third straight month with a hold of 13% or better. That is their longest streak since a five-month run from August to December in 2022. Compared to their figures from 2023, FanDuel’s $166.4 million in gross revenue in the first six months of 2024 was 22.8% higher.

DraftKing was second in the Virginia sports betting market in June. They had a hold of 9.6%, claiming $11.5 million in winnings from $120.1 million in handle. DraftKings has a 10-month streak of eight-figure revenue totals. Their $85.3 million in gross winnings in 2024 is up 34% from the first six months of 2023. Bet365 was third for total handles in Virginia in June. They had a handle 14.6% hold from $25.5 million. That was the best among all mobile sportsbooks in June