February was an exceptional month for online casinos in West Virginia as they achieved a remarkable feat, generating a record-breaking revenue of over $3.4 million.
Despite being only in its eighth full month, the WV market appears to be gaining significant momentum.
Casinos have earned approximately $650,000 less than February’s revenue.
Online wagering is becoming increasingly popular, even though only two mobile platforms, DraftKings WV and BetMGM Casino WV, are involved.
In the last three weeks of February, the combined earnings of the two online casinos amounted to a minimum of $875,000. The week of Feb. 13 stood out as their most successful, reaching a near $1.1 million mark.
Online casinos have achieved a remarkable milestone by surpassing the $1 million mark in weekly revenue for the very first time.
In addition, their online betting handle was exceptionally impressive.
In a significant milestone, DraftKings and BetMGM recorded their first-ever month of accepting over $100 million. After witnessing an intake of approximately $99 million in January, their wager volume surged to over $117 million in February.
Online casinos have maintained a consistent minimum weekly handle of $22 million for two months in a row.
The handle’s remarkable success can be attributed, in part, to the exceptional performance it exhibited during the week of Feb. 13. During that particular week, online casino bets reached a staggering sum of over $39 million, surpassing the previous record of never having exceeded $30 million in a single week.
WV online casino February revenue
Last month saw a significant surge in revenue figures, with earnings surpassing $3.4 million. This represents a remarkable 23% growth compared to the first month of the year 2021.
Although the state’s online casinos fell short of replicating the $1 million week, they came remarkably close. In the last two weeks of February, they generated approximately $920,000 and $880,000, respectively.
Prior to that month, online casinos had witnessed revenue surpassing $800,000 on only one occasion.
Once again, the division between the two mobile operators remained fairly equal. Nevertheless, for the inaugural time since its launch, BetMGM outperformed DraftKings Casino in terms of earnings.
BetMGM claimed the highest position after falling just short last month, generating revenue of over $1.8 million. It narrowly surpassed the DraftKings app from Hollywood Casino, which accumulated slightly over $1.6 million.
Despite its inconsistency throughout the month, BetMGM experienced highly profitable weeks. On two occasions, the online casino surpassed the $500,000 mark, particularly excelling during the week of Feb. 13 by earning close to $590,000.
Although DraftKings fell short of reaching the $500,000 milestone, it did achieve a minimum revenue of $410,000 in three out of four weeks.
During the week of Feb. 13, it had its highest performance, earning almost $498,000.
The future will be intriguing to observe whether BetMGM at The Greenbrier can maintain its edge over DraftKings. It is conceivable that both applications might divide the market until more alternatives become available.
WV online casino February handle
The online casinos in the Mountain State also experienced a successful month in terms of accepting bets.
They have seen an 18% increase in handle, reaching $117 million compared to January wagering.
Weekly betting had not surpassed $27 million before the beginning of the month. However, in February, online casinos achieved this feat three times, including an astounding week where the handle exceeded $39 million.
Despite surpassing DraftKings in terms of monthly revenue, BetMGM still lags behind in terms of accepting bets.
In terms of handle, BetMGM accumulated approximately $52 million for the month, whereas DraftKings fell just short of $65 million.
Both online casinos experienced fluctuating weeks throughout the month.
During the week of Feb. 13, DraftKings witnessed its most successful performance by accepting a staggering amount of over $25 million. On the other hand, BetMGM’s peak performance occurred in the final week of February, with an impressive sum of nearly $15 million.
However, all of them experienced weeks where the total wagers were less than $10 million.
During the week of February 27, DraftKings recorded just over $7 million in handle, while BetMGM reached approximately $9.8 million on February 20.
Although BetMGM is still trailing behind its competitors in terms of handle, the online platform made significant progress in narrowing the gap this month.
In January, DraftKings outperformed BetMGM by a margin of over $30 million in terms of handle. If BetMGM can consistently narrow this gap, there should be no difficulty in generating substantial revenue going forward.
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