Virginia sports betting is at an all-time high, and the state’s leading sportsbook has its sights set on gaining even more ground on the national level.
FanDuel’s market share comes out to roughly 42% nationally, according to state gaming regulator reports. And CEO Amy Howe believes the company’s numbers aren’t done growing.
“FanDuel is America’s number one sports book by a wide margin,” Howe said in November during FanDuel’s Capital Markets Day.
FanDuel VA was the first sports betting app to launch back on Jan. 21, 2021. It has enjoyed a steady share of the state’s betting market since then, despite the arrival of 12 other sportsbooks.
What FanDuel hopes to accomplish at a national scale
New sportsbooks are popping up on the regular – not just in Virginia, but across the nation. October numbers showed 59 active sports betting operators in the United States.
But Howe isn’t worried that FanDuel will cede any of its share.
“It should be clear that new entrants that are entering now at this point may face a real challenge taking on scale players who have more than a four-year head start,” she said.
FanDuel, DraftKings VA and BetMGM VA are the three sportsbooks that command a double-digit market share nationally.
It’s been a challenge for new sportsbooks to hold their footing. The industry-leading operators boast the deepest advertising pockets, making it even more challenging for newcomers to tread water. Just within the past few months, Fubo Sportsbook and MaximBet both announced the shuttering of their operations nationally. There’s a good chance more do the same in the coming months as well, based on the industry titans’ grip.
“Almost 90% of the operators have a sub-2% share of the market,” Howe said.
Numbers from FanDuel Virginia
When it comes to Virginia’s gambling market, FanDuel is the state’s largest sportsbook, and it’s not all that close.
The latest gaming compliance update from the Virginia Lottery shows that in data from January to September of this year, FanDuel owns 40.6% of the sports betting market.
It’s also worth noting that FanDuel doesn’t offer the most promotions when it comes to the other operators in the Virginia market. Out of all Virginia sportsbook promos from January to September, BetMGM accounted for 34.7% of those. FanDuel had the second-most promotions, totaling 28% of the total. DraftKings had the third-highest percentage with 15.6%.
But when it comes to market share, FanDuel’s numbers are in line with the previous year. From January to November of 2021, the sportsbook boasted a 42.69% market share – roughly 2% higher than the current timeframe.
How other sportsbooks stack up against FanDuel Virginia
FanDuel’s biggest competitor in Virginia is DraftKings. DraftKings owns 22.82% of the state’s sports betting market, just edging out BetMGM (19.30%). Caesars has the fourth-highest market share out of the sportsbooks with 8.33%.
Looking back at last year:
- DraftKings’ market share is down roughly 4% from 2021. From January to November of 2021, the sportsbook had a 26.77% share of the sports betting market.
- BetMGM’s share was down as well by nearly 2%.
- Caesars’ market share barely dipped in comparison to 2021, as it sat at 8.4% in that time period.
Virginia’s numbers line up with Howe’s comments about market share on a national basis. Outside of FanDuel, DraftKings, BetMGM and Caesars, no Virginia sportsbook holds a market share higher than Barstool’s 3.4%.
Virginia sports bettors wagered a record amount in October
FanDuel’s success comes at a time where Virginians can’t get enough of their sports betting.
Virginia set a record for handle in a single month, wagering $528 million in October. The previous highest handle ($485.5 million) came in January this year.
October’s record-setting handle is a 28% increase from September’s figures and a 24% jump year-to-year.
Seven Virginia online sportsbooks enjoyed positive numbers after factoring in customer wins and state deductions.
