The West Virginia Lottery has recently unveiled its initial financial report for the start of the new year, recording mixed feelings of both positive and challenging outcomes.
As outlined in the latest report, West Virginia sports betting experienced a decline in its sports betting handle during the year’s opening month. The state recorded $46.4 million in wagers, reflecting a 24.4% decrease compared to the preceding month. Also, the January figure marked a 3.7% decline compared to the same period in the previous year.
Online sports betting apps make up most of the betting activity, accounting for 89% and totaling $41.3 million in wagers. In contrast, brick-and-mortar retail sportsbooks experienced a lower volume, handling $5.1 million in bets during the same period.
WV Revenue Spikes 65% YOY
While the first month experienced a decrease in the sports betting handle, West Virginia witnessed a surge in revenue in January.
The state garnered approximately $6 million in the latest reporting period, marking a substantial 65% growth compared to the corresponding period in the previous year. This surge is particularly significant considering the slow start observed in the previous year when sportsbooks generated just under $4 million in January 2023.
Additionally, the revenue for January saw an increase of 13% compared to the revenue reported in December 2023.
The spike in revenue observed during this period can be directly attributed to the rise in the monthly win percentage reported. Sportsbooks operational within the state garnered a 13% hold, marking the ninth consecutive month in which the state has maintained a hold of 9% or higher. This win percentage ranks as the tenth-highest all-time hold recorded in the state.
Most of the revenue was generated from five online sportsbooks with partnerships with Hollywood Charles Town and The Greenbrier. These key players, namely FanDuel, DraftKings, ESPN BET, BetMGM, and Fanatics, collectively amassed a substantial revenue of $5.4 million.
Due to the spike in revenue, operators contributed $515,136 in tax revenue to the state’s coffers. This marks an increase of $201,000 compared to last year’s corresponding period.
FanDuel & BetMGM Continue to Assert their Dominance in West Virginia
FanDuel and BetMGM, in collaboration with The Greenbrier, maintained their prominence as significant players in the sports betting landscape of the Mountain State.
Combined, FanDuel and BetMGM processed a substantial sports betting handle of $20 million. The cumulative revenue generated by these two sportsbooks amounted to an impressive $3.3 million, reflecting a robust 16.5% hold.
DraftKings, ESPN BET, and Fanatics Sportsbook, in partnership with Hollywood Casino at Charles Town, collectively facilitated approximately $18.3 million in sports wagers during the reported period. Within this framework, the trio realized a cumulative revenue of $2.1 million, demonstrating a win percentage of 11.3%.
Caesars Sportsbook and BetRivers, esteemed partners of Mountaineer Casino, combined for a sports betting handle of $2.7 million. They both collectively generated revenue totaling $137,000, with Caesars contributing more to the overall earnings.
On the other hand, the five retail sportsbooks in the state rounded up the month in black. Charles Town emerged as the leading performer among the retail sportsbooks, boasting the highest handle ($2.9 million) for the period.