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FanDuel leverages WFT partnership
On January 21, FanDuel was launched in partnership with the Washington Football Team, making Old Dominion the 19th state (along with Washington, DC) to establish a functional sports-betting market.
Following this, the Virginia Lottery has granted permits to a total of 10 sportsbook operators, with six of them currently accepting wagers.
Nevertheless, FanDuel gained a significant advantage due to its association with the NFL’s Washington team, which is headquartered in Virginia. As a result, the Virginia Lottery was obligated to provide “considerable and preferred treatment,” as outlined in the state’s sports betting legislation, to professional sports franchises based in Virginia.
DraftKings, the second sportsbook in Virginia, was introduced on January 23. Soon after, BetMGM (January 27), BetRivers (January 27), William Hill (February 2), and WynnBET (March 11) followed suit.
From January 21 to March 31, let’s take a glance at the sports-betting handle in Virginia, categorized by operator.
- FanDuel: 53% ($333.2 million)
- DraftKings: 24% ($150.9 million)
- BetMGM: 14% ($88 million)
- William Hill generated $50.3 million, which accounts for 8% of their total revenue.
- BetRivers: 1% ($6.3 million)
- WynnBET: 0% (n/a)
To obtain the latest update on the betting handle breakdown by operator, we might have to wait for the Virginia Lottery Board meetings as the VA Lotto monthly revenue reports do not provide this information.
Virginians snag millions of dollars in bonuses
The tax revenue that voters were promised in Virginia has not been achieved yet, but there is a strong possibility that it will be realized in due course.
Like any emerging sports betting market, sportsbooks prioritize enrolling new players and invest substantially in acquiring these initial customers.
Prior to its official launch, FanDuel made a commitment to new customers by offering a $100 sign-up bonus, without requiring any initial deposit. As soon as the sportsbook was introduced in VA on Jan. 21, those players were instantly provided with $100 worth of bets to wager.
Unsurprisingly, FanDuel has significantly outspent its competitors, as evident from the $30 million in promotions distributed by VA sportsbooks. Furthermore, FanDuel takes the lead in this regard, having spent nearly $13 million.
- FanDuel: 43% ($12.9 million)
- DraftKings: 23% ($6.9 million)
- William Hill’s total is $6 million, which accounts for 20%.
- BetMGM: 10% ($3 million)
- BetRivers: 3% ($900,000)
- WynnBET: 1% ($300,000)
From the launch until the end of March, Virginia sportsbooks paid a total of $1.5 million in taxes. Nevertheless, these taxes are calculated based on the adjusted gross revenue (AGR), which is determined by subtracting the total winnings and authorized expenses (such as player bonuses and customer-acquisition promotions) from the total wagers.
FanDuel gets creative with promotions
When it comes to promotions, FanDuel has taken the lead in Virginia by offering innovative choices.
Certainly, FanDuel has inundated the entire commonwealth with billboards, TV, radio, and various other advertisements. Similarly, other sportsbooks have done the same. All of them entice customers with generous initial deposit bonuses, ranging from hundreds to even thousands of dollars.
However, in order to stand out amidst all that noise, FanDuel has also implemented some traditional betting promotions.
Officials announced during the Virginia Lottery Board meeting that a significant portion of sports-betting wagers in Virginia are directed towards NCAA and NBA games. FanDuel has capitalized on this enthusiasm through various promotions, among other strategies.
- First-time depositors can enjoy a $1,000 bet without any risks.
- Help us share the love for Washington Wizards games
- Let’s show our love for the 2021 NCAA March Madness Tournament by spreading the excitement!
- Some examples of promotions include referral bonuses, discounted $5 Dinger Tuesdays, parlay insurance, and more.
In addition, FanDuel offers a wide range of betting options encompassing various leagues and organizations. Whether it’s the major leagues like NFL, MLB, and NBA, or more specialized ones such as PGA Tour, National Rugby League, or WNBA, FanDuel accommodates bets on all of them.
FanDuel has rightfully claimed the top position in the Virginia sports-betting industry due to its effective strategies, including early market access, substantial promotional investments, innovative betting promotions, and a diverse range of betting choices.
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