Virginia Sports Betting Revenue Reaches All-Time High in January

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 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.

More: Virginia Sports Betting | Sports Betting Apps | Sportsbook Promos

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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About the Author
Nikhil Kalro

Nikhil Kalro

Nikhil Kalro covers the sports betting industry and revenue reporting at Gaming Today. Much of his work analyzes state revenue information, including betting activity and revenue for individual states and sportsbook operators. In addition, Nikhil provides news updates on the gambling industry itself, including product launches and legal issues. Nikhil’s previous experience includes five years with ESPN.

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