Virginia Sees Big Year-Over-Year Sports Betting Improvement in June

It was an up-and-down month of June for our best sports betting sites operating in Virginia.

According to the Virginia Lottery June revenue report, the industry saw respectable year-over-year gains in both handle and revenues but also experienced a typical month-over-month seasonal sports wagering slowdown.

June marked the end of the first half of 2024, and by all accounts, momentum for the Virginia sports betting scene has continued. Revenues over the first six months of this year are up 25%, and tax revenue has also shown significant year-over-year gains.

FanDuel continued to be the most popular of the Virginia sports betting apps in June, finishing with over $20 million in monthly revenues for the seventh straight time. DraftKings was a familiar second, with BetMGM third in the handle but fourth behind bet365 in revenues.

$415.4 million June handle

In June, sports bettors in the Old Dominion spent $415.4 million with Virginia’s best sports betting sites. It is the first time legal sports betting activity in the state has slipped below $500 million since August. Bettors took advantage of plenty of Virginia sportsbook promos.

While June's handle is down 18% month-over-month from May’s $505.6 million, it is a 24% year-over-year improvement from the nearly $325.5 million reported last June.

Virginia sports betting apps accounted for an overwhelming $413 million of the state’s overall wagering in June, with the remainder coming from retail outlets.

So far in 2024, Virginia sportsbooks have accepted $3.29 million in bets.

Revenues follow a similar trend

Like the June handle figures for Virginia sportsbooks, revenues fell month-over-month but showed improvement year-over-year.

According to the Virginia Lottery, providers in the state saw $45.9 million in revenue. This is a 24% month-over-month dip from nearly $60 million in May but an impressive $39.3% increase from almost $32.7 million in June.

The $338.1 million in gross gaming revenues generated so far this year represent a 25% improvement from the same six-month period last year.

Ten of the state’s Virginia sports betting apps were profitable in June, and the industry's net gaming profits resulted in $40.5 million in net revenues and $6.2 million in tax contributions.

Tax contributions are also up for the first six months of the year. So far, sportsbooks have paid out $45 million in taxes this year, about $10 million more than through the first six months of 2023.

Virginia sportsbooks managed an industry-friendly 11% win rate in June, the third straight month of over double-digit holds.

FanDuel rules again

As has become a theme in the Virginia legal sports betting industry, FanDuel dominated the market in June. FanDuel Virginia made up $157.3 million of the state’s total sports betting handle and, thanks to a 13.5% hold, generated $21.3 million in revenue for the month. It is the seventh straight month that FanDuel generated over $20 million in revenues in the state. Check it out using our FanDuel promo code.

DraftKings Virginia finished second with $120.1 million in June wagers and $11.5 million in profits from a 9.6% hold rate. 

BetMGM Virginia and be365 Virginia each finished on the podium in the two main measuring metrics. BetMGM took third in handle with $43.4 million in June bets, while bet365 was third with 3.7 million in revenue. BetMGM had $3.6 million in revenue in June, while bet365 saw $25.5 million in wagering activity.

Caesars Sportsbook Virginia rounded out the Top-5 with $16.5 million in June bets with ESPN BET next with a $15.9 million handle. 

It was a close race for the bottom with Hard Rock Bet Virginia seventh, Fanatics Sportsbook Virginia and BetRivers Virginia completing the order of finish.