A Mixed Experience for Sports Betting and iGaming in West Virginia
Sports betting and online gaming companies are witnessing a rebound from a summer slump in West Virginia. However, the overall picture shows no significant growth in terms of handle.
For July, there was a slight rise in retail and legal online sports betting revenue. West Virginia operators collected $20,903,045 in total wagering during this month, as reported by the West Virginia Lottery. This represented a 2.3% increase from June, when the amount stood at $20,429,650. Yearly comparisons show a decrease in excess of 16%.
The July statistics show improvements in sports betting earnings and increased mobile betting usage. Nearly $18 million of the $20,429,650 in sports betting income came from mobile betting applications. The revenue and taxes for these app-based bets went up by 53.3% from June, hitting $2,511,985 for July revenue and $213,519 in taxes.
So far this year, the state has amassed slightly below $252 million in sports betting handle. West Virginia legalized sports gambling in August 2018 and permits both in-person and online wagering.
Notable Hold Rates
Greenbrier, using FanDuel, BetMGM, and Golden Nugget, was the top dog in West Virginia sports betting for July, achieving a hold rate of 14.3%. The total online handle for this period was $8.8 million, yielding $1.3 million in revenue.
DraftKings, Barstool Sportsbook, and PointsBet-partnered Charles Town came in second place, recording a $8.2 million handle and a 7.9% hold. Profits from this venue were $643,449, lagging behind its main rival.
Four out of the five physical sportsbooks managed to record a profit. Mardi Gras was the standout performer, winning 55% of the bets it took, resulting in a $216,124 profit in July.
Though West Virginia lacks professional sports teams, it bridges the gap between the Midwest and the East Coast. It shares borders with Ohio, Pennsylvania, and Maryland, and the District of Columbia.
Newcomers in the West Virginia Market
Caesars Entertainment has expanded its iGaming investments with the release of its new West Virginia online casino app. A press release for the app stated, "New online casino. Same iconic palace."
The app possesses a separate casino offering from its sportsbook product, which encompasses limited offerings. It also incorporates the Caesars Rewards program.
The rebranded Betly Casino and Sportsbook app also emerged in West Virginia this month. Customers can now place sports bets and play online casino games on a single platform.
Online casinos hold greater potential for revenue than sportsbooks. The American Gaming Association's figures for the first four months of 2023 indicate that online casinos generated approximately $2 billion in overall revenue from just six states.
West Virginia houses one of the smallest legal online casino gaming markets. Still, its fiscal year figures are far from modest. The FY 2022/2023 numbers reveal a 61% increase in revenue and taxes when compared to the previous year.
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Source: www.casino.org
