Virginia is currently experiencing a surge in sports betting, reaching its peak. The state’s top sportsbook is aiming to further expand its presence on a national scale.
According to reports from state gaming regulators, FanDuel currently holds a market share of approximately 42% nationwide. CEO Amy Howe is confident that the company’s growth trajectory is far from reaching its peak.
During FanDuel’s Capital Markets Day in November, Howe confidently declared that FanDuel is the leading sports book in America by a significant margin.
Despite the emergence of 12 other sportsbooks, FanDuel remains a prominent player in Virginia’s betting market since its launch on Jan. 21, 2021, making it the state’s inaugural sports betting app.
What FanDuel hopes to accomplish at a national scale
Sportsbooks are appearing frequently, not only in Virginia but throughout the entire nation. Recent statistics from October reveal that there are currently 59 active sports betting operators in the United States.
However, Howe remains unconcerned about FanDuel’s potential loss of market share.
She stated that it is evident that new entrants joining at this moment may encounter significant difficulties in competing with established players who have been in the market for over four years.
In terms of national market share, FanDuel, DraftKings, and BetMGM are the top three sportsbooks, each commanding a double-digit percentage.
New sportsbooks have faced a difficult task in establishing their presence due to the dominance of industry leaders with substantial advertising budgets. This has made it even harder for newcomers to stay afloat. Recently, both Fubo Sportsbook and MaximBet had to close their operations across the country, highlighting the tough competition they faced. It is likely that more sportsbooks will follow suit in the coming months, given the strong hold of the industry giants.
Howe stated that the majority of operators, approximately 90%, have a market share below 2%.
Numbers from FanDuel Virginia
FanDuel dominates the gambling market in Virginia as the biggest sportsbook by a significant margin.
According to the most recent gaming compliance update by the Virginia Lottery, FanDuel dominates 40.6% of the sports betting market based on data collected from January to September this year.
Additionally, it should be mentioned that FanDuel lags behind other operators in Virginia when it comes to promotional offerings. From January to September, BetMGM dominated the market with 34.7% of all sportsbook promotions. FanDuel ranked second, contributing 28% of the total promotions. DraftKings held the third position with a 15.6% share.
However, in terms of market share, FanDuel’s figures remain consistent with the previous year. Between January and November of 2021, the sportsbook maintained a market share of 42.69%, which is approximately 2% higher than the current period.
How other sportsbooks stack up against FanDuel Virginia
In Virginia, DraftKings is the primary rival of FanDuel, holding the largest share of the state’s sports betting market at 22.82%. BetMGM closely trails behind with a market share of 19.30%. Caesars ranks fourth among sportsbooks, capturing 8.33% of the market.
Reflecting on the previous year:
- In comparison to 2021, DraftKings has experienced a decline of approximately 4% in its market share. Throughout the period spanning from January to November in 2021, the sportsbook held a share of 26.77% in the sports betting market.
- The share value of BetMGM also experienced a decline of approximately 2%.
- In comparison to 2021, Caesars’ market share remained largely unchanged, holding steady at 8.4% during that period.
Barstool dominates the market in Virginia, as none of the other sportsbooks, except FanDuel, DraftKings, BetMGM, and Caesars, hold a higher market share than Barstool’s impressive 3.4%.
Virginia sports bettors wagered a record amount in October
At a time when Virginians are craving sports betting like never before, FanDuel emerges victorious with its remarkable success.
In the month of October, Virginia achieved an impressive milestone by setting a new record for handle. A staggering amount of $528 million was wagered, surpassing the previous highest handle of $485.5 million that was recorded in January earlier this year.
The handle for October has reached a new record, showing a notable increase of 28% compared to September’s figures and a significant jump of 24% when compared to the same period last year.
After accounting for customer wins and state deductions, seven sportsbooks in Virginia recorded favorable figures.
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