Mobile sportsbook industry in Virginia sees FanDuel maintaining its lead
Virginia's Thriving Mobile Sports Wagering Market
Virginia's mobile sports betting market is thriving, with legal online sports betting fully operational since 2021 and showing no signs of slowing down. The market has experienced significant growth, with monthly wagers often exceeding $500 million and gross revenue rising correspondingly.
Market Size & Growth
In June 2025, the betting handle reached an impressive $477.8 million, marking a 15% year-over-year increase. May 2025 saw an even higher handle of $595 million, generating $72 million in gross revenue. April 2025 handle was $609.7 million, up from $563.5 million in April 2024. The college basketball postseason (March Madness) in March 2025 saw a handle of around $690 million, resulting in $51 million in gross revenue. February 2025 had a handle of $556.8 million, with an 11.1% hold rate, notably higher than the national average of about 8%.
Operators & Apps
Virginia allows up to 18 licensed online sportsbooks, of which 11 are currently active. Prominent mobile sportsbooks operating in Virginia include FanDuel, Bet365, Barstool Sportsbook, Caesars Sportsbook, BetMGM, DraftKings, and BetRivers. FanDuel, Caesars, and BetMGM are considered among the top sportsbooks nationally and in Virginia based on user experience and market share.
Market Share & Revenue
Online sportsbooks dominate Virginia’s sports betting, accounting for roughly 99% of the betting handle in recent months. Retail sportsbooks have a minor market share, contributing less than 1% of total wagers. The state's tax revenue from sports betting reached about $9.3 million in February 2025, funding public services and gambling treatment programs.
Notable Operator Performance
Bet365's gross revenue in June exceeded $2 million, marking the third consecutive month this has happened. However, other deductions reduced Bet365's adjusted gross revenue to slightly less than $220,000 in June. Barstool Sportsbook's hold in June was just under 3%, the lowest of any operator with a minimum $5 million handle. Unibet paid taxes in June for the first time since at least October 2021, resulting in a tax payment of over $8,200. Barstool Sportsbook's year-to-date hold is 5.6%.
Challenges and Opportunities
While Bet365 faced a challenging month with a significant loss in adjusted gross revenue, the overall market remains robust. The spread between Bet365's gross revenue and promotional spend exceeded $900,000 in June. Bet365's promotional spend in June was slightly less than $1.3 million, down 26.1% from May. These figures highlight the competitive nature of the market and the importance of strategic promotions for operators.
In conclusion, Virginia's mobile sports wagering market in 2025 is mature and expanding, with major operators like FanDuel, Caesars, Bet365, Barstool, and others well-established. The state achieves handle volumes near $600 million monthly, with operators maintaining above-average hold rates, generating strong gross revenues and significant tax contributions for the state.
- The growth of Virginia's mobile sports betting market has spread significantly, with monthly wagers often reaching over $500 million and corresponding gross revenue.
- In the sports-betting and casino-and-gambling market, Virginia allows up to 18 licensed online sportsbooks, with prominent names such as FanDuel, Bet365, and Barstool Sportsbook among the 11 currently active.
- The state's finance department reported that the tax revenue from sports betting reached about $9.3 million in February 2025, a figure expected to rise as the market continues to thrive.
- The competitive nature of the sports betting market, as shown by the spread between gross revenue and promotional spend for operators like Bet365, underscores the importance of strategic promotions for businesses in the industry.
