We finally know that FanDuel Virginia Sportsbooks continues to this day
There’s finally some detailed information too Virginia Sports betting thanks to a VA lottery presentation Wednesday Tomorrow.
FanDuel Sports Betting leads the state’s six online sports betting as of launch based on preliminary data 21th January by March. FanDuel had the advantage of starting in Virginia first and took 53% of $ 628.7 million Bet until March. That’s good for about $ 333 million of the handle since the start.
FanDuel’s first VA sports betting site looks pretty safe for now, based on the stocks held by the other five operators:
- DraftKings Sports Betting: 24%
- BetMGM: 14%
- William Hill: 8%
- BetRivers: 1%
- WynnBET: 0%
Based on the preliminary report, Virginia took up sports betting $ 304.1 million for bets in March. No sales information was available. The lottery will publish its official March report 1st of May.
Other Virginia sports betting will be licensed
Up to five new sports bets can be licensed for a new application period May 15 by 31. May, Gina Smith, assistant director for enhanced gaming, said in her presentation.
These five licenses were recently added by legislation at this session. The Enabling Act passed last year did not exclude licenses for mobile betting for casino operators from the upper limit of 12 for cell phones only Licenses as intended.
“We are currently in active discussions with several applicants who voluntarily withdrew their applications when we started bumping into the cap,” he said Managing Director Kevin Hall.
So far, nine sports bets have been licensed by the lottery. Along with the six live sports bets, Ballys, Bar stool sports betting and Golden Nugget Online were all approved in March and should launch in the coming months, Smith noted.
Three of these licenses are unlikely to count towards the cap: FanDuel Sportsbook’s agreement is with the Washington football team, while BetRivers and William Hill are affiliated with future casinos in the state. Chances are Ballys didn’t count as well, but the company’s proposal for a casino in Richmond was denied Wednesday.
Virginia Sports Betting Ad Spend Breakdown
Virginia Sportsbook Almost Handed Out $ 30 million in promos so far. Unsurprisingly, these expenses are largely similar to the market share numbers:
- FanDuel Sports Betting: 43%
- DraftKings Sports Betting: 23%
- William Hill: 20%
- BetMGM: 10%
- BetRivers: 3%
- WynnBET: 1%
One obvious difference is that William Hill jumps past BetMGM into third place in ad spend. That could be from Caesars additional expenses to promote its activities in the state as it will operate a casino in Virginia.
The six sports bets saved a little tax on all the ad spend. Only BetMGM paid taxes in January and February. However, DraftKings and FanDuel paid taxes for the first time in March. Sports betting had paid off by March $ 1.5 million in taxes.
No wonder: basketball dominates betting
Given the time of year, it’s hardly a surprise that basketball was by far the top sports bet in Virginia by March.
College basketball was the sport with the highest bet $ 165.4 million under control or 26.3% of total stakes. Professional basketball was next with $ 150.4 million under control or 23.9% of betting.
However, the next sports on the list are somewhat surprising:
- Tennis: $ 47.9 million, 7.6%
- Soccer: $ 41.8 million, 6.7%
- Hockey: $ 37.1 million, 5.9%
- Football: $ 31.3 million, 5.0%
Of course, there weren’t many opportunities to bet on soccer in Virginia that year. VA Sports Betting officially launched 21th January, which means only the two conference championship games and the Super bowl were the only three ways to bet on postseason football. The Super Bowl mattered $ 19.6 million of which $ 31.3 million under control.
These totals do not include bets placed on parlays. Parlays were omitted 16.7% of the market with $ 104.8 million under control.