West Virginia’s tax collection fell to $292,488 from $301,854 in April; however, the segment continues to trend across the Mountaineer State. Online sports betting in West Virginia saw a revenue of $3.4 million and a handle of $30.4 million, per reports by the West Virginia Lottery for May 2024. It marks the third hold to remain above 10% in the current year, and the second consecutive time for a double-digit win rate.
The hold rate was around 11.3% throughout May, following 10.3% for the previous month. It is also the 20th time that the hold is above 10% since mobile and retail wagering started to generate handles of $11 million or more every month. The month of February saw the lowest win rate. It was 9%, managing to stay above the industry average.
The Greenbrier topped the list of operators with $1.8 million in revenue and $12.6 million in handling. It is a collaboration between FanDuel and BetMGM that is banking a hold of 14.5%. Charles Town is second on the list with a handle and revenue of $12.2 million and $1.3 million, respectively. Only The Greenbrier and Charles Town have managed to stay above the $10 million milestone with a handle of more than $1 million.
Mountaineer and Mardi Gras were way below that margin. The former registered a handle of $2.1 million, while the latter accumulated approximately $214,700. Their revenue figures were $156,400 and $21,600, in the same order. All of them are made by the top online sportsbooks in the USA. This includes the likes of DraftKings, BetRivers, and ESPN Bet, among others.
The scenario indicates that retail sportsbooks may be returning to the surface. A total of five shops generated a collective handle of $3.3 million and $117,000 in revenue.
Senate Bill 415 legalized sports betting in West Virginia in March 2018. It facilitated the launch of retail operators in August 2018. It was only after one year that online sportsbooks made their way into the market. The initial period saw operators—retail and online—roll out decent promotions. Most of them continue to adhere to this philosophy in order to welcome new customers to their platforms or venues. The promotional line-up on online platforms attracts the most attention.
They primarily drive their business through signup bonuses, in which users must sign up and deposit funds to the platform in order to take advantage of discounts.
West Virginia is expected to experience a decline in revenue and handling in the upcoming months. A lot depends on how well customers view the NBA, MLB, and NHL. The mountaineer state does not have a significant following for these sports. Hence, the numbers could dip before another round of collegiate sports commences.
