FanDuel continues to thrive in the Virginia mobile sports betting market

According to figures from May, FanDuel was once again the runaway leader among all sports betting apps in Virginia. This data was provided from a fulfilled Freedom of Information Act request by the Virginia Lottery. Sportsbook operators in Virginia had their highest hold of the year at 11.9%. This was the 12th time in 15 months that they’ve had that hold percentage or higher. FanDuel’s gross revenue was just shy of $60 million with a $505.6 million handle. Their eighth consecutive month it exceeded one half-billion dollars. Additionally, FanDuel saw significant year-over-year growth in 2024. Compared to May 2023, their gross sports betting revenue was up 22.9% and their handle was 26.8% higher. Virginia has the chance to reach an all-time betting handle of $20 billion by the end of 2024.

FanDuel had a 14.6% win rate in May 2024

In May, FanDuel had its best hold of the year so far at 14.6%. That resulted in $29.1 million in gross revenue. The only thing FanDuel was unable to do in May was continue their streak of $200 million in monthly handles. They fell $708,000 short. Additionally, FanDuel was able to clear $1 billion for their total handle in 2024 through the first five months of the year with a 12.6% win rate. FanDuel also moved with $3.5 million of $750 million in all-time winnings in Virginia. While FanDuel has been thriving in the Old Dominion, other notable sportsbooks are not as lucky.

For the fourth time in the last nine months, DraftKings was able to post a double-digit hold in Virginia. They had a 10.3% hold in May as they collected $14.7 million in winnings from $143.9 million worth of wagers. DraftKings’ betting handle in May was enough to push their all-time betting handle in Virginia to $4 billion. BetMGM narrowly missed having a 10% hold in May and they collected $5.2 million. However, their $52.6 million in wagers was the first since last August they were under $60 million.