The Virginia Lottery released its revenue report for sports betting activity during the month of August. The 14 online sportsbooks and the state’s retail location generated $319 million in handle in the past month, which was up by 8.6% when compared to July.
Out of the total handle, operators claimed close to $32.4 million in gross revenue. The state taxed $27.9 million of that amount, as promotional credits and other deductions totaled nearly $4.5 million.
Handle increased by over 12% year-on-year. The Virginia Lottery in a press statement noted: “Between August 1 and August 31, 2023, Virginians wagered $319,005,942… 12.1% higher than last August.”
Revenue of $27.9 million was down by 1.1% when compared to July’s $28.2 million. This was attributed to bettors winning a bigger share of their bets. Bettors won $25.5 million more in August than what they had won in July.
FanDuel accounts for nearly 38% of sports mobile handle in August
According to the Virginia Lottery, FanDuel accounted for almost 38% of the state’s $315.6 million mobile handle in August. The operator accepted $119.6 million worth of wagers and generated $14.8 million in gross revenue.
FanDuel’s hold for August was 12.4%, which topped 12% for the sixth consecutive month. The operator also showed a double-digit win rate for the 14th time in a row, which cleared $500 million in all-time gross revenue in the Old Dominion.
Second in line was DraftKings, which posted a mobile handle of $94 million and revenue of $7.6 million. The operator had an 8.1% hold, which was its lowest since February when it had a 6.3% win rate. Its year-on-year hold is over 9% with $79.7 million in gross winnings from the $883.3 million handle.
Overall, six of Virginia’s 14 mobile operators generated a double-digit hold in August, while five had at least $1 million in gross revenue. BetMGM and bet365 both. While BetMGM had a 10.4% hold to claim $3.6 million from a $35 million handle, bet365 nearly achieved an 11% win rate, as it claimed $1.8 million of the $16.6 million wagered.
Meanwhile, Virginia’s three retail sportsbooks posted more than $434,000 in gross winnings from $3.4 million handle. Caesars Sports in Danville claimed close to $232,000 from $1.1 million worth of wagers, while Rivers Casino in Portsmouth kept nearly $158,000 of the $1.4 million wagered. Hard Rock in Bristol reported more than $44,300 in revenue from nearly $840,000 worth of wagers.
