The June-long pummeling of the sports betting public continued as both Virginia and Colorado posted double-digit holds for the month.
June continues to track for the highest hold on gross revenue in the post-PASPA era dating to the first wagers taken outside Nevada in June 2018. The current hold of 12.5% pending figures from Illinois and Arizona is about three-quarters of a percentage point higher than the 11.7% win rate attained in September 2018.
The handle generated by five states nearly seven years ago for the 11.7% hold was $817.3 million. In comparison, June’s $8.1 billion handle used to determine hold is 10 times that amount. Virginia and Colorado made it 29 of 30 states reporting with holds of 10% or higher, with Virginia making it 22 with 12% holds or higher.
Old Dominion state drops the hammer
The Virginia Lottery reported $60.8 million in gross revenue from $477.8 million handle, resulting in a 12.7% win rate. Operator winnings surged 33.6% and easily outpaced the 15% increase in handle. The commonwealth collected $8.7 million in tax receipts from $57.1 million in adjusted gross revenue (AGR), and the $102.8 million that reached state coffers for the fiscal year was up $19.9 million from Fiscal Year 2024.
A fulfilled Freedom of Information Act request by the Virginia Lottery showed the state’s mobile operators had a combined hold of 12.9% as their three retail counterparts paid out $303,215 above the $5.1 million worth of bets accepted.
FanDuel paced all operators with a $26.5 million haul, and its 15.2% hold was its highest since reaching 15.6% in September 2022. It was the fifth time in 2025 that FanDuel posted a 12% hold or better, and its $179.1 million in revenue is up 7.8% compared to the first six months of 2024.
DraftKings narrowly missed a 12% hold as it kept nearly $17 million of the $141.5 million wagered. Like FanDuel, that was its highest win rate dating back to September 2022 as its year-to-date revenue topped $100 million.
BetMGM had its highest full-month hold at 14% in reaping $6.7 million in winnings from $48 million handle. June’s strong month concluded an impressive first half of 2025 for BetMGM as its $42 million in gross revenue represented a 35.9% increase compared to January through June 2024.
Bet365 narrowly missed a 10% hold for June but still claimed $3.4 million from $34.1 million handle. The England-based sportsbook has attained a 9% hold or higher in 27 consecutive months.
While ESPN Bet was solid in terms of performance with a 10.3% win rate, its $9.9 million handle was down 37.5% from June 2024. Revenue had a softer decline at 17.3% to just over $1 million.
In contrast, Fanatics’ $24.6 million handle increased nearly three-fold from 12 months prior, and revenue nearly quadrupled to $3.3 million thanks to a 13.3% hold. Its $17.8 million in revenue the first half of 2025 has exceeded its full-year 2024 haul of $13.6 million.
Parlays and baseball big in Colorado
The 10.7% hold reported by the Colorado Department of Revenue that generated $39.8 million in gross revenue was the second-highest in 62 months of wagering in state history behind the 11.4% reported in September 2022. Operator winnings spiked 41.3% year-over-year, while the $31.1 million in taxable revenue was up 62.3%.
The Centennial State also became the seventh in the post-PASPA era to surpass $25 billion handle, with June’s $372.5 million wagered up 6.3% compared to June 2024. That includes $3.15 billion in the first half of 2025 that is up 3.7% versus the first six months of last year.
Operator performance in Colorado usually swings on bettors’ parlay performance, and June marked the second straight month that swung in the house’s favor. The 20.8% hold for multi-leg wagers created $18 million in winnings and marked the first time in state history operators had back-to-back monthly holds of 20% or higher on parlays.
Baseball provided the second-biggest chunk of revenue for sportsbooks with $7.8 million, up 40.3% from June 2024. The 8.1% hold on $96.8 million handle marked the third time in-season the win rate on baseball bets was above 8%.
Colorado’s favorite niche sport — table tennis — surpassed $700 million in all-time handle with $30 million wagered in June. Revenue cleared $2 million for the third straight month and fourth overall, and the $13.4 million claimed in the first half of 2025 is within striking distance of the full-year 2024 total of $14.4 million.
The $36.8 million in tax revenue collected for Fiscal Year 2025 was up $6.4 million from the previous 12 months as the $376.6 million in AGR was up 27.2%.
