FanDuel continues to be the dominant force in mobile sports wagering in Virginia, as a fulfilled Freedom of Information Act request by the Virginia Lottery showed the online titan maintaining its status quo during August.
It was another solid month overall for operators in the Old Dominion, as their 10.1% hold marked the sixth straight month of reaching double digits. Virginia had $319 million handle for August, with operators claiming close to $32.4 million in gross revenue. The state was able to tax $27.9 million of that amount, as promotional credits and other deductions totaled just shy of $4.5 million.
A good portion of both promotional credits and deductions originated with bet365, which has been a top-five handle generator in Virginia thanks to aggressively courting the betting public since its January launch. It has four more months where it can deduct promotional credits against its gross revenue to save on tax payments. Because it has been carrying over losses since launch, it has yet to pay any state taxes.
FanDuel extends lengthy streak
FanDuel accounted for close to 38% of the state’s $315.6 million mobile handle, accepting $119.6 million worth of wagers. It finished with $14.8 million in gross revenue, good for a 12.4% hold as it topped 12% for the sixth consecutive month. It was also the 14th straight month showing a double-digit win rate for FanDuel, which cleared $500 million in all-time gross revenue in the Old Dominion.