• About Us / Contact
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Michigan
    • Mississippi
    • New Jersey
    • New York
    • Ohio
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Massachusetts
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbooks
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Guide To ‘Risk-Free’ Bets
    • Common Beginner Mistakes
    • Sports Betting Podcasts
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
    • Partnership Tracker
  • News
No Result
View All Result
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Michigan
    • Mississippi
    • New Jersey
    • New York
    • Ohio
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Massachusetts
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbooks
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Guide To ‘Risk-Free’ Bets
    • Common Beginner Mistakes
    • Sports Betting Podcasts
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
    • Partnership Tracker
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

Exclusive: FanDuel Has Absolutely Dominated Virginia Sports Betting Market So Far

FanDuel Sportsbook has handled nearly half of all legal online bets in Virginia

Brett Smiley by Brett Smiley
July 21, 2021
in Features
fd sportsbook

(Courtesy: FanDuel)

Share on FacebookShare on Twitter

Needing only five months after the launch of its first legal mobile sportsbooks in the state, Virginia became the fastest state in the post-PASPA era to reach $1 billion in handle. And according to data obtained by Sports Handle via a Freedom of Information Act filing, almost exactly half of the entire betting volume came via FanDuel Sportsbook alone, which also leveraged that into 63% of the combined adjusted gross revenue among sportsbooks currently active in the state.

Through the 4Β½Β months of live operations in Virginia from January through May, FanDuel generated a whopping $542.7 million handle and $21.7 million in gross revenue after adjusting for promotional play and other deductions. That’s nearly double DraftKings’ $280.9 million in handle over that period, and quadruple DraftKings’ revenue of $5.4 million. BetMGM, though it accepted more than $100 million less in wagers, held nearly 10% of bets, versus 5.9% for DraftKings, which enabled BetMGM to slide in at second in revenue with $9.8 million.

Here’s the full breakdown for the seven active operators in the state. Note that the three leaders (in handle, at least) launched during the NFL playoffs and also prior to March Madness:

 Launch DateHandlePayoutsHold %Promotional & Other DeductionsAdjusted Gross Revenue
FanDuelJan. 21, 2021$542,713,809$498,679,1398.1%$22,325160$21,709,509
DraftKingsJan 24. 2021$280,924,340$264,357,3465.9%$11,126,029$5,440,964
BetMGMJan. 27, 2021$172,119,369$155,244,8359.9%$7,035,496$9,839,036
BetRiversJan. 27, 2021$11,859,098$10,741,4409.5%$1,515,792-$398,134
William Hill (Caesars)Feb. 3, 2021$79,361,887$73,401,2507.5%$7,852,384-$1,891,747
WynnBETMar. 12, 2021$3,099,894$2,657,05914.3%$385,478$57,356
UnibetApr. 28, 2021$2,058,911$2,041,5381%$353,185-$335,812

FanDuel’s domination in the state is attributable at least in part to good timing and a strategic partnership with the Washington Football Team. Securing market access in conjunction with the WFT (according to undisclosed terms) afforded FanDuel the opportunity to get a three-day head start on DraftKings, and about a one-week jump on BetMGM and BetRivers.

In January, the Virginia Lottery, tasked with regulatory authority over legal sports betting in the state, said FanDuel was β€œgranted β€˜substantial and preferred consideration’ by the Virginia General Assembly.”

This is a reference to provisions in the enabling legislation that advise the agency to give such treatment to professional sports organizations headquartered in the Commonwealth β€œthat remitted personal state income tax withholdings based on taxable wages in the Commonwealth in excess of $200 million for the 2019 taxable year,” which WFT did. Casinos making capital investments of at least $250 million also earn preferential treatment under the law, a boon for Rush Street Gaming, which the city of Portsmouth selected to construct and operate a new casino in its borders; Rush Street’s BetRivers Sportsbook launched on Jan. 27 alongside BetMGM.

Not just any three-day head start

The timing was such that FanDuel Sportsbook was the only legal sportsbook show in town for the Thursday, Friday, and Saturday ahead of the NFL’s Conference Championship weekend, when NBA and NHL were also in full swing. In other words, FanDuel had about 72 hours to bring bettors and bankrolls aboard before DraftKings got the green light to enter the highway. As we have seen in other markets, first-mover advantage has proven quite valuable.

Nationally, FanDuel’s sports betting market share is approximately 36% against DraftKings’ 25%, according to Gambling Compliance. Comparatively, the action in Virginia so far is much more lopsided in favor of FanDuel, although the competition leveled out a bit in April and May, two slower sports betting months after March Madness wraps and makes way for Major League Baseball.

Here are complete figures for January through May for the each of the three leaders:

FanDuel Sportsbook: Virginia

FanDuel: VirginiaJan-21Feb-21Mar-21Apr-21May-21Total
Handle$45,793,281.62$148,486,024.75$141,267,084.65$107,421,144.91$99,746,273.27$542,713,809.20
Gross Winnings$43,875,122.31$143,022,782.10$129,184,008.41$96,768,236.06$85,828,990.80$498,679,139.68
Promotional Deduction$4,887,518.15$5,442,434.04$2,524,241.83$2,434,039.23$1,832,213.97$17,120,447.22
Other Deductions$349,309.08$1,388,139.65$1,220,197.66$1,322,589.93$924,476.75$5,204,713.07
Adjusted Gross Revenue-$3,318,667.92-$1,367,331.04$8,338,636.75$6,896,279.69$11,160,591.75$21,709,509.23
Taxable Revenue$0.00$0.00$3,652,637.79$6,896,279.69$11,160,591.75$21,709,509.23
Taxes Paid$0.00$0.00$547,895.67$1,034,475.68$1,674,088.76$3,256,460.11

BetMGM Sportsbook: Virginia

BetMGM: VirginiaJan-21Feb-21Mar-21Apr-21May-21Total
Handle$2,263,231.43$34,955,174.59$48,814,489.75$42,366,032.97$43,720,440.58$172,119,369.32
Gross Winnings$1,868,362.34$31,966,097.82$43,795,606.35$38,238,806.55$39,375,962.48$155,244,835.54
Promotional Deduction$105,947.78$737,840.83$2,265,738.24$925,952.21$1,256,235.50$5,291,714.56
Other Deductions$24,185.94$247,276.53$355,036.10$488,267.35$629,016.39$1,743,782.31
Adjusted Gross Revenue$264,735.37$2,003,959.41$2,398,109.06$2,713,006.86$2,459,226.21$9,839,036.91
Taxable Revenue$264,735.37$2,003,959.41$2,398,109.06$2,713,006.86$2,459,226.21$9,839,036.91
Taxes Paid$39,710.31$300,593.91$359,716.36$406,951.03$368,883.93$1,475,855.54

DraftKings Sportsbook: Virginia

DraftKings: VirginiaJan-21Feb-21Mar-21Apr-21May-21Total
Handle$10,679,184.46$61,441,008.52$77,733,933.00$66,497,715.72$64,572,499.24$280,924,340.94
Gross Winnings$9,452,297.44$58,872,354.09$71,993,464.66$63,419,934.07$60,619,296.16$264,357,346.42
Promotional Deduction$1,288,807.03$3,619,540.00$1,850,243.69$1,272,981.53$1,309,230.74$9,340,802.99
Other Deductions$96,845.21$425,791.58$415,323.86$426,910.09$420,356.09$1,785,226.83
Adjusted Gross Revenue-$158,765.22-$1,476,677.15$3,474,900.79$1,377,890.03$2,223,616.25$5,440,964.70
Taxable Revenue$0.00$0.00$1,839,458.42$1,377,890.03$2,223,616.25$5,440,964.70
Taxes Paid$0.00$0.00$275,918.76$206,683.50$333,542.44$816,144.71

As is customary under regulations in most states, sportsbooks are permitted to deduct as non-taxable revenue a percentage of bonus or promotional dollars used to incentivize users to sign up. Sportsbooks offer a variety of these promotional bets, and some sportsbooks are much more giving with these bonus dollars than others. FanDuel and DraftKings have proven among the most aggressive.

The Virginia Lottery is expected to release its June sports betting figures in the coming days, albeit in aggregate form without the individual operator breakdown presented here.

Losses off the podium

You may have noticed the minus signs before the AGR posted by three of the seven sportsbooks that became active in the measured period: BetRivers, William Hill (Caesars Sportsbook), and Unibet. William Hill led the pack that entered the red after deductions, with losses of $1.8 million.

In terms of betting volume, William Hill actually fared well compared to its national average in online market share, which is about 4% in New Jersey and Michigan, for example. William Hill, which has announced that it will be sunsetting that brand name in favor of Caesars, owner of William Hill US, out-handled BetRivers by an order of seven, despite launching a week later, shortly before the Super Bowl on Feb. 7; William Hill also spent healthily in the promotional department, actually about $800,000 more than BetMGM, which handled about $100 million more, held a slightly higher clip of wagers, and nearly pulled in $10 million over the five-month stretch.

None of this necessarily forecasts what the 2021 NFL and college football seasons will deliver for the sportsbooks beginning in late August. The name of the game right now is acquisition, and William Hill did a lot of that in these early days. (So did FanDuel, DraftKings, and BetMGM, of course.)

More competitors are on the way, including Barstool Sportsbook, Bally’s Bet, and Golden Nugget, which all gained temporary permits in March but have yet to launch.

ShareTweetShare
Brett Smiley

Brett Smiley

Brett Smiley is editor-in-chief and co-founder of Sports Handle, which joined forces with the US Bets team in November 2018. He focuses on the sports betting industry and legislation. He's a recreational sports bettor and DFS player himself, focusing on the NFL. In a past life, Smiley practiced commercial litigation in New York City and previously wrote for FOX Sports and SI.com. He lives in New Jersey with his family.

Related Posts

blue-jays-ballpark-exterior
Industry

Here’s How FanDuel Is Navigating Ontario’s Unique Landscape

May 25, 2022
(Geoff Burke/USA TODAY)
Industry

Fanatics Files For Sports Betting Trademark, But Launch Timing Remains Unknown

May 24, 2022
Load More

Top Sportsbooks In Your State

1
WynnBET Sportsbook
Review / 4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
FanDuel Sportsbook
Review / 4.8
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
BetMGM Sportsbook
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
WynnBET Sportsbook
Review / 4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
BetMGM Sportsbook
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
Caesars Sportsbook
Review / 4.4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
WynnBET Sportsbook
Review / 4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
Caesars Sportsbook
Review / 4.4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
BetMGM Sportsbook
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
FanDuel Sportsbook
Review / 4.8
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
SugarHouse Sportsbook
Review / 4.2
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
BetMGM Sportsbook
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
FanDuel Sportsbook
Review / 4.8
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
WynnBET Sportsbook
Review / 4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
Caesars Sportsbook
Review / 4.4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
PointsBet
Review / 4.3
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
PointsBet Sportsbook
Review / 4.3
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
BetRivers Sportsbook
Review / 4.2
BET NOW
T&Cs ApplyOnly 1x Wager Applies
3
FOX Bet Sportsbook
Review / 4.3
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
WynnBET Sportsbook
Review / 4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
PointsBet
Review / 4.3
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
Caesars Sportsbook
Review / 4.4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
Caesars Sportsbook
Review / 4.4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
BetMGM Sportsbook
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
FanDuel Sportsbook
Review / 4.8
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
PointsBet Sportsbook
Review / 4.3
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
Caesars Sportsbook
Review / 4.4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
BetMGM Sportsbook
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
SI Sportsbook
Review / 4.1
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
WynnBET Sportsbook
Review / 4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
PointsBet
Review / 4.3
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
PointsBet Sportsbook Illinois
Review / 4.3
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
Caesars Sportsbook
Review / 4.4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
BetMGM Sportsbook
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
WynnBET Sportsbook
Review / 4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
SI Sportsbook
Review / 4.1
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
PointsBet
Review / 4.3
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
PointsBet
Review / 4.3
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
Caesars Sportsbook
Review / 4.4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
BetMGM Sportsbook
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
WynnBET Sportsbook
Review / 4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
Caesars Sportsbook
Review / 4.4
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
Betfred Sportsbook
Review / 3.8
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
Bet99 Sportsbook
Review / 4.7
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
Sports Interaction Ontario
Review / 4.2
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
bet365 Sportsbook Ontario
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
Bet99 Sportsbook
Review / 4.7
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
Sports Interaction Ontario
Review / 4.2
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
3
bet365 Sportsbook Ontario
Review / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
1
Monkey Knife Fight
Rating / 4.5
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.
2
PrizePicks
Rating / 4.2
BET NOW
T&Cs Apply21+. Eligibility restrictions apply. See website for details.

State Sports Betting Guides

Downtown Detroit at twilight (Shutterstock)

Michigan Sports Betting – Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
May 25, 2022

VA captial

Virginia Sports Betting – Where To Play, Online Sportsbooks And Bonus Offers

by Brett Smiley
March 21, 2021

nj flag

New Jersey Sports Betting — Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 22, 2022

pa online sportsbooks

Pennsylvania Sports Betting – Where To Play, Online Sportsbooks And Bonuses

by Brett Smiley
March 18, 2022

Most Read Stories

mattress mack betting charade

Will Everyone Please Stop Calling β€˜Mattress Mack’ A Sports Bettor?

April 27, 2022
Photo: Jasen Vinlove/USA TODAY

Dave Portnoy Says, ‘F**k That Guy,’ To Which Bettor And Gambling Twitter Seriously Object

May 16, 2022
map-missouri

Missouri Sports Betting Bill Draws Debate, Backlash In Senate

May 5, 2022
golden-gate-bridge-san-francisco

California Tribes Won’t Try For Mobile Proposal On 2022 Ballot

May 10, 2022

Canada Sports Betting Guides

Canada Sports Betting – Legality, Launch Dates, And FAQ

British Columbia Sports Betting – Legal Update, Available Sportsbooks, and FAQ

Ontario Sports Betting – Legal Status And Where To Play

gambling therapy
ncpg
igaming ontario
If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL). Gambling problem? Call 1-800-GAMBLER (NJ/WV/PA/MI), 1-800-9-WITH-IT (IN),Β 1-800-522-4700Β (CO), 1-800-BETS OFF (IA),Β 1-888-532-3500Β (VA) or call/text TN REDLINEΒ 1-800-889-9789Β (TN).
19+. Please play responsibly. Terms and conditions apply.Β 
Individuals must be 19 years of age or older to participate in igaming in Ontario. Gambling can be addictive, please play responsibly. If you, or someone you know, has a gambling problem in Ontario and wants help, please visit ConnexOntario or call their helpline at 1-866-531-2600. Operators on this website operate pursuant to an Operating Agreement with iGaming Ontario.

Search Sports Handle

No Result
View All Result
  • About Us / Contact

No Result
View All Result
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Michigan
    • Mississippi
    • New Jersey
    • New York
    • Ohio
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Massachusetts
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbooks
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Guide To ‘Risk-Free’ Bets
    • Common Beginner Mistakes
    • Sports Betting Podcasts
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
    • Partnership Tracker
  • News

Please share your location to continue.

Check our help guide for more info.

share your location