DraftKings Casino Follows WV’s Footsteps, Takes Top Spot From BetMGM. Is FanDuel Sportsbook Next?

West Virginians are not alone in reaching the same conclusion as the other states with online casinos.

During its Q1 2025 earnings call on Thursday, DraftKings, the leading online casino in West Virginia, disclosed a revenue of $770 million. This marked an impressive 84% increase compared to the $417 million generated in Q1 2022.

According to DraftKings CEO Jason Robins, the company has emerged as the top iGaming operator, holding an estimated 26% market share of gross gaming revenue (GGR).

“We have been actively pursuing BetMGM in the iGaming sector,” Robins stated. “And in Q1, we have successfully surpassed them to become the leading market shareholder in iGaming for the first time. This achievement is something we take great pride in.”

According to Jason Park, the CFO of DraftKings, the company exceeded expectations in the first quarter and has decided to raise its revenue guidance for FY ’23 from $2.95 billion to $3.185 billion. Additionally, the midpoint for the company’s adjusted EBITDA guidance has improved from -$400 million to -$315 million. Furthermore, DraftKings anticipates reaching breakeven adjusted EBITDA by the end of the second quarter of 2025.

DraftKings Casino outpacing nationwide growth

DraftKings has experienced significant growth in parallel with the expanding market of iGaming and online sports betting across the nation.

As new markets continue to emerge and fresh competitors enter existing markets, consolidation is naturally taking place without the need for mergers and acquisitions.

In the state of Massachusetts, online sports betting was legalized on March 10. This recent development provided evidence that DraftKings and FanDuel, with a combined total handle of $438.7 million, dominated the market, accounting for approximately 80% of the total handle of $568.1 million within the first three weeks.

According to Park, the industry’s strong momentum has greatly contributed to successful launches in Massachusetts, Ohio, and Maryland. National advertising has played a significant role in attracting early sign-ups, particularly during football season, in contrast to the previous years of 2020 and 2021.

Although FanDuel continues to hold the top spot as the leading sportsbook in the US, DraftKings, based in Boston, utilized its local advantage in Massachusetts.

Robins expressed, “In my opinion, New Englanders, in general, have a strong affinity for their local region. Hence, we believed that focusing on this aspect would be highly effective for this market, and indeed it proved successful.”

DraftKings Casino already on top in West Virginia

In most markets, BetMGM and FanDuel dominate the iGaming and sports betting scene, making West Virginia one of the six states where online casinos and online sports betting are legally available.

But not West Virginia.

The West Virginia Lottery does not provide specific revenue figures for each operator, but it does offer segmented data for the state’s land-based casinos.

The iGaming revenue of West Virginia in 2025.

Land-Based Casino	CY 2025 Wagers	CY 2025 Revenue	FY 2025 Wagers	FY 2025 Revenue
Hollywood Casino	$586.3 million	$19.1 million	$1.4 billion	$42.5 million
The Greenbrier	$631.2 million	$22.8 million	$1.5 billion	$54.6million

Hollywood Casino offers sports betting options such as DraftKings, PointsBet, and Barstool.

Land-Based Casino	CY 2025 Wagers	CY 2025 Revenue	FY 2025 Wagers	FY 2025 Revenue
Hollywood Casino	$72 million	$4.6 million	$181.5 million	$15.6 million
The Greenbrier	$73.7 million	$9.1 million	$187.3 million	$23 million

DraftKings online casino WV is the sole iGaming operator affiliated with Hollywood Casino, while FanDuel and BetMGM are licensed under The Greenbrier.

In terms of iGaming and sports betting handle, Hollywood Casino in West Virginia comes very close to the combined numbers of FanDuel and BetMGM. Considering the prominence of all three, it indicates that DraftKings surpasses its two main rivals in the West Virginia market.

Since January 1, DraftKings has seen a rise in its market share of iGaming revenue. However, the lower sportsbook hold percentage has had an impact on its GGR compared to the operators of The Greenbrier.

Look out, FanDuel?

Robins discussed his aspirations of outperforming BetMGM in the iGaming industry and expressed his desire to achieve similar success in online sports betting, particularly with FanDuel.

To begin with, we never take anything for granted. We operate under the assumption that the market will always be highly competitive, and we do not rest on any laurels or rely on any advantages we may currently possess. This mindset ensures that our company maintains its edge and competitive drive. Undoubtedly, having a formidable competitor like FanDuel also contributes positively to our progress.

He further explained that FanDuel provided them with a goal to pursue, much like BetMGM in the realm of iGaming.

Robins expressed anticipation for the future, stating that they have started refining their playbook by implementing it in over 20 states. Additionally, the company has enhanced its live betting and same-game parlay options, contributing to its financial success and solidifying its position as a frontrunner in emerging markets.

However, a leader and the leader are distinct entities.

FanDuel and other competitors will strive to keep up with DraftKings’ innovations and advancements. Meanwhile, BetMGM will make efforts to regain its standing in the realm of iGaming.

Robins emphasized the importance of continuously serving the customer, innovating, and developing new products and features. According to him, this approach is crucial in fostering loyalty as it ensures the provision of the best product and customer experience over time.

In the upcoming year or two, it will be challenging for any competitor to surpass FanDuel’s current dominance. However, the situation could potentially change in five or 10 years.

Despite the possibility of DraftKings not achieving or maintaining the leading position, it still holds the top spot as the preferred choice for second place in both verticals. Many companies aspire to have such a distinction.