Mobile Sportsbook Market in Virginia Remains Lead by FanDuel
In the heart of the United States, Virginia's mobile sports wagering market is flourishing, attracting key names such as FanDuel, bet365, Barstool Sportsbook, Caesars Sportsbook, BetMGM, DraftKings, and BetRivers. The market, legalised in mid-2022, has been growing steadily ever since.
The state's regulated market generated approximately $67.9 million in total adjusted gross revenue in May 2025, with online sports betting accounting for a significant portion at $67.4 million. The total handle (amount wagered) for the month stood at roughly $595 million, marking a 17.7% year-over-year increase.
A closer look at the data reveals an operator hold (win rate) of 11.41%, a healthy indicator of market vitality. As of May, 11 active apps out of 18 licensed operators were live in the market.
Notable performances include Caesars Sportsbook, which reported a combined handle of nearly $26.2 million, a hold of 11.3%, and gross revenue of nearly $3 million. On the other hand, Barstool Sportsbook's hold of just under 3% in June was the lowest among operators with a minimum $5 million handle.
Revenue and betting handle have shown consistent growth since early 2025, with significant events like March Madness boosting the market. Handles peaked around $690 million, and gross revenues surpassed $50 million during major collegiate tournaments.
Operators like bet365, which reported an adjusted gross revenue slightly less than $220,000 in June, managed to exceed their promotional spend in the same month, with a drop to slightly less than $1.3 million. Unibet also made a comeback, paying taxes for the first time since at least October 2021.
Rivers Casino in Portsmouth took its first monthly loss since its January launch in June, while Caesars' Danville casino reported a 24.1% win rate in its first month-plus of operations.
Virginia's mobile sportsbooks offer extensive betting markets, from major leagues like the NBA, NHL, and NFL, to live, in-play wagers. They also boast features like fast payouts and mobile-friendly interfaces. Bovada is praised for its mobile performance, while mainstream operators like FanDuel and Caesars continue to be prominent contenders in Virginia's app-based market.
In summary, Virginia's mobile sports wagering market is mature and expanding, with robust operator competition and a strong online presence. The market is generating solid state revenue, exceeding $10 million in taxes per month, making it a significant contributor to Virginia's economy.
- The expansion of Virginia's sports-betting market has seen key companies like FanDuel, bet365, Barstool Sportsbook, Caesars Sportsbook, BetMGM, DraftKings, and BetRivers enter the market, legalized in mid-2022.
- In May 2025, online sports betting accounted for a significant portion of the state's regulated market, generating approximately $67.4 million.
- Technology plays a crucial role in this market, with mobile-friendly interfaces and fast payouts being key features offered by sportsbooks.
- The growth of this market has a positive impact on Virginia's economy, with the state generating solid revenue, exceeding $10 million in taxes per month.
