FanDuel Still Rules Virginia Mobile Sports Betting Scene
The post FanDuel Still Rules Virginia Mobile Sports Betting Scene appeared first on SportsHandle.
FanDuel continued to be the primary mover and shaker of the Virginia mobile sports betting scene in April, according to a fulfilled Freedom of Information Act request by the Virginia Lottery.
The OId Dominion cleared $60 million in total gross sports betting revenue in April, the fourth time in 40 months of all-time wagering. FanDuel accounted for more than half that amount at $31.2 million, the fourth time in the last seven months it surpassed $30 million.
Wagering via sports betting apps resulted in $60.4 million in operator winnings as the 16 operators combined for a 10.8% hold. That included a $2,993 loss from Unibet, which did not take any bets and ceased operations in Virginia on April 11 as part of its planned departure from the North American betting market announced last November.
FanDuel gets back on track
April #SportsBetting numbers for Virginia, the FOIA fulfilled edition via the @VirginiaLottery. Han/GGR/WR by mobile book (1/16)@FDSportsbook $231.78M/$31.24M/13.48%YTD: $967.76M/$115.99M/11.99%Total: $6.26B/$717.43M/11.45%
2/x #SportsBettingX #GamblingX
— Chris Altruda (@AlTruda73) June 4, 2024
FanDuel avoided its first back-to-back months with single-digit holds since February and March 2022, posting a 13.5% hold against $231.8 million in handle. It has a 12% hold through the first four months of 2024, and the $116 million in gross winnings this year have pushed FanDuel’s all-time total above $700 million.
DraftKings was a clear-cut, albeit distant second, with a solid April. Its $13.6 million in revenue was up more than $1 million from March as its 9.2% hold from $148.4 million worth of wagers placed was two percentage points higher. DraftKings has posted eight-figure revenue totals for eight consecutive months, with $59 million coming in the opening four months of this year.
BetMGM had a 56.1% month-over-month increase in revenue to $6.4 million, with its 10.4% hold its first in double digits since January. It accepted $60.9 million in bets for April, the eighth straight month it cleared the $60 million benchmark.
Bet365 shores up spot atop second tier
April #SportsBetting numbers for Virginia, the FOIA fulfilled edition via the @VirginiaLottery. Han/GGR/WR by mobile book (14/16)@bet365_us $30.59M/$3.93M/12.85%YTD: $116.12M/$14.82M/12.76%Total: $348.14M/$47.08M/13.52%
15/x #SportsBettingX #GamblingX
— Chris Altruda (@AlTruda73) June 4, 2024
Bet365 started the next trio by claiming $3.9 million in winnings from $30.6 million in handle, good for a 12.9% hold. It has attained a double-digit win rate in 14-of-16 months since entering Virginia in January 2023 and has not had a hold below 8.6%.
ESPN BET rounded out the top five for revenue at $1.7 million, while Caesars grabbed the No. 5 spot for handle at $28.5 million. Caesars had a 5.3% hold to collect $1.5 million in winnings, while ESPN BET had a 7.4% win rate after generating $22.8 million in handle.
BetRivers ($12.2 million) and Fanatics Sportsbook ($10.7 million) rounded out the group of operators with at least $10 million in handle, with the latter posting a 7.4% hold to reap $789,900 in revenue. Despite a record monthly handle, BetRivers could not make hay — it had a 2.8% win rate to finish with $342,600 in winnings.
Hard Rock Bet was eighth in revenue with $471,400, crafting a 5.8% hold from $8.1 million in bets placed. Bally Bet had its best month since entering Virginia in November 2021 and led all mobile operators with a 14.4% hold. That resulted in $293,000 in revenue from slightly more than $2 million in handle.
With Unibet merely paying out winning bets as opposed to taking action, SI Sportsbook was technically the only operator to absorb a loss in April. Bettors came out $29,600 ahead on their $463,500 in wagers, resulting in a minus-6.4% hold.
The two mobile operators still allowed to deduct promotional credits and bonuses against gross revenue, Betr and SuperBook, both outperformed their spend in April. Betr generated $6,278 in winnings compared to its $3,749 outlay and had a 8.5% win rate against $74,200 in handle. Its all-time promo spend in Virginia is $57,200 and its still outpacing its gross revenue of $39,175 since launching last September.
SuperBook claimed $32,901 in revenue with a 6% hold on $547,000 worth of wagers. SuperBook has generated $194,700 in total winnings since its October launch while offering $86,400 in credits.
One up, two down for retail sportsbooks
Virginia’s three retail sportsbooks had a combined 3.7% hold in April, though two of them took monthly losses. Caesars in Danville had its first monthly loss since launching in the Old Dominion last May, paying out $55,000 above the $795,900 in wagers accepted.
That put a wrap on its first 12 months of wagering, with Caesars notching an impressive 15.3% hold in claiming $2.6 million in gross revenue from $16.7 million in handle.
Hard Rock in Bristol had its second monthly loss since its July 2022 opening as bettors came out with $29,600 on top of the $908,300 wagered. Its only other loss came in February 2023 when it paid out $102,100 on top of the $1.2 million in handle.
Rivers Casino in Portsmouth was the lone retail winner in April, attaining a 9.7% win rate in claiming $240,300 in revenue from $2.5 million worth of wagers placed. That pushed its year-to-date winnings above $1.1 million while owning a 10.7% hold against $10.3 million in handle.
The post FanDuel Still Rules Virginia Mobile Sports Betting Scene appeared first on SportsHandle.
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