Virginia sports betting revenue reached an all-time high in Jan. 2024, with FanDuel Sportsbook leading the charge according to a report. Jan. 2024 kicked off a solid start for many mobile operators in Virginia.
Five of them hit record monthly highs for handle, while five others soared past the $1 million mark in gross revenue. FanDuel took the lead with a staggering $37.9 million haul, compensating for missteps made in the state. The sportsbook played a pivotal role in the state’s robust 11.4% hold for the month.
Users from Virginia showed their love for the state’s sports betting apps, pushing mobile sportsbook handle to an all-time high of $646.2 million. The 16 digital sportsbooks collectively raked in $73.4 million in gross winnings, maintaining that solid 11.4% win rate. Meanwhile, retail venues contributed over $934,000 from $6.6 million in wagers, boasting a 14.1% hold rate.
FanDuel Trumps the Competition in North Carolina
FanDuel continues to dominate mobile betting in Virginia, boasting of the only handle exceeding $200 million and the sole gross revenue figure surpassing $30 million. Impressively, their $37.8 million in winnings outpaced their previous record of $32.5 million set in Nov. 2022.
With a hold of nearly 14.5%, FanDuel enjoyed its highest win rate since Sept. 2022’s impressive 15.6%. The $261.9 million in accepted wagers was second only to the $265.8 million in December, marking the third consecutive month where FanDuel’s handle exceeded $260 million. In a remarkable streak, almost 20% of their $5.56 billion handle in Virginia — $1.03 billion — has been generated in the last four months alone.
DraftKings also saw significant success in Virginia, achieving its best performance yet with $19.5 million in winnings from a $171 million handle. This edged over their previous record of $19.2 million set in October, marking the fifth consecutive month where DraftKings raked in eight figures in revenue, tying a record set from Sept. 2022 to Jan. 2023.
BetMGM climbed past the $2 billion mark in all-time handle in Virginia, kicking off 2024 with $68.4 million in accepted wagers. Crossing the $7 million threshold in gross revenue for the first time since last March, they boasted a 10.8% hold, raking in $7.4 million from eager bettors.
Caesars managed to secure the No. 4 spot in terms of handle, hitting an all-time high of $42.8 million. Meanwhile, ESPN BET wasn’t far behind, reaching $38.7 million in handle, surpassing $100 million in accepted bets since November when PENN Entertainment introduced the successor to Barstool Sportsbook.
However, both operators faced challenges converting handle into revenue. Caesars struggled with a sub-4% hold, retaining just $1.7 million, while ESPN BET managed only a 1.8% win rate, resulting in $687,000 in gross winnings. BetRivers also found themselves in a similar situation, unable to capitalize on a record $11.2 million handle, as a 3.8% hold translated to only $425,200 in revenue.
Other Sportsbooks Struggle to Gain Ground
In January, bet365 faced its final month where promotional credits and bonuses could be deducted from its gross revenue. Despite a hefty $1.6 million-plus outlay, the operator’s total spend in Virginia since its Jan. 2023 launch climbed to $28.7 million. With a $27.3 million handle to kick off 2024, bet365’s total for all time soared past $250 million, establishing its dominance in the market.
Claiming $3.8 million in gross winnings with a solid 13.9% hold, bet365 maintained its impressive track record of a win rate of 8.6% or higher over 13 months of wagering. Adjusting for promotional deductions, its January adjusted gross revenue of $1.2 million narrowed its overall negative AGR deficit to -$2.9 million, setting it on track to reach positive AGR and begin paying taxes in April.
Betfred, another key player, saw its deductions clock expire in January, tallying an overall outlay of $660,000. Despite a negative adjustment of $6,700, it managed a 4.8% hold on $563,905 handle, yielding $27,129 in gross revenue. PointsBet approached the $1 million revenue mark, enjoying its best month since Nov. 2022 with $7.8 million in handle.
Hard Rock Bet and Betway also made strides, with the former recording its second-best month and the latter achieving top monthly totals in both revenue and handle, surpassing $200,000 for the first time in revenue and reaching $1.7 million in handle, resulting in a hold of 11.5%.
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