Virginia continued in June according to a fulfilled Freedom of Information Act by the Virginia Lottery.
The mobile juggernaut claimed more than $20 million in gross sports betting revenue for the seventh straight month, finishing with $21.3 million thanks to a 13.5% hold from $157.3 million worth of accepted wagers. FanDuel sured $750 million in all-time gross winnings in the Old Dominion, and its 12.6% win rate through the first half of 2024 lifted its all-time hold to 11.6%.
Overall, six of Virginia’s 15 ended its mobile operations in eight states outside Nevada on July 22.
June was a good month for Virginia sportsbooks overall as they combined for $45.5 million in gross revenue and a hold just shy of 11% against $415.4 million in handle. The 10.2% hold for the first six months of 2024 has contributed to a 25% rise in revenue year-over-year.
A Mostly Uninterrupted Two-Year Bull Run 95l2h
Over the past 24 months, FanDuel has posted a single-digit hold on just two occasions — last November at 6.5% and March at 8.9%. Otherwise, its win rates have ranged from 11% to 15.6%. June marked the third straight month FanDuel had a 13% or higher hold, its longest such streak since a five-month run from August-December 2022.
FanDuel’s gross revenue of $166.4 million for the first half of the year is up 22.8% compared to 2023. That is slightly behind the 23.1% rise in handle to $1.32 billion because FanDuel had holds of 11.6% or better in each of the first six months of last year.
DraftKings was a distant yet clear-cut second in the Old Dominion after crafting a 9.6% hold to claim $11.5 million in winnings from $120.1 million in handle. It has a 10-month streak of eight-figure revenue totals, and its $85.3 million in gross winnings this year is up 34% from the first six months of 2023.
Though bet365 pipped it for the final podium spot in gross revenue thanks to a 14.6% hold from $25.5 milllion — tops among mobile books for June — that resulted in $3.7 million to BetMGM’s $3.6 million.
But BetMGM reported only $756,100 in canceled and voided wagers compared to nearly $1.2 million for bet365. That allowed BetMGM to finish third in adjusted revenue at $2.9 million versus $2.6 million for bet365.
The England-based sportsbook, though, has been taking a page from FanDuel’s playbook — it has posted a double-digit win rate in 16 of its first 18 months of operations and has a state-leading 13.3% hold in 2024, reaping $22.8 million in gross revenue from $171.3 million in handle.
ESPN BET to round out the top five in both groups, with the two separated by $6 million in handle and $287,700 in revenue. ESPN BET had the better hold of the two at 7.8%, and its $15.9 million handle was more than double the $7.2 million predecessor Barstool Sportsbook had in June 2023.
Hard Rock and Fanatics Duel for Seventh 4c5m55
The seventh through ninth spots for handle were separated by less than $152,000, with Fanatics Sportsbook and BetRivers. The gap in revenue was larger, with Fanatics leading the trio with $854,800 thanks to a 9.9% hold.
Hard Rock Bet had an 8.9% win rate to claim $774,000, while BetRivers landed at 5.7% in collecting $485,900. It was the eighth time in the last nine months BetRivers failed to reach the 7% industry standard hold, but its $2.9 million in revenue this year is up 31.7% compared to 2023 because its $62.1 million handle is up 80.5%. BetRivers also sured $400 million in all-time handle with its $8.5 million reported for June.
Betway, which is New Jersey, completed the top 10 with nearly $100,000 in revenue from $1.1 million in handle to fashion a 9.1% hold.
