The popularity of online casino betting in the Mountain State keeps growing consistently month after month. This relatively fresh market is witnessing a steady increase in online wagers and profits on a weekly basis.
West Virginia online casinos achieved revenue of approximately $2.8 million in January, indicating a growth of around $250,000 compared to the previous month.
Despite the fluctuating amount of earnings, the performance remained remarkably consistent. In January, both DraftKings Casino WV and BetMGM WV consistently generated revenue surpassing $575,000 every week on their online platforms.
During the week of January 16th, they had their most successful performance, generating approximately $830,000 within that seven-day timeframe.
While DraftKings remained in the lead this month, BetMGM has significantly narrowed the gap. The two online casinos exhibited comparable performances in January, with a revenue difference of merely $60,000.
For the month, the state’s overall betting handle was quite impressive, with online betting nearing the $100 million mark.
Casinos raked in a minimum of $22 million every week, with their most successful week generating over $26 million in wagers.
The online casino market in West Virginia has seen remarkable success since its launch in mid-July, surpassing a handle of $475 million and generating profits of over $12.5 million.
WV online casino revenue
There was an approximate 10% increase in revenue for January, with nearly $2.8 million, compared to the wagering revenue in December.
As stated, the two betting apps in WV consistently performed on par with each other throughout the entire month. They surpassed each other twice over the course of four weeks.
DraftKings emerged victorious in the weeks of January 16th and January 30th, securing approximately $540,000 and $360,000, respectively.
Despite falling short of the $500,000 milestone, BetMGM Casino came close by consistently surpassing the $300,000 mark every week. It outperformed DraftKings, achieving approximately $315,000 in the week of Jan. 9 and $365,000 in the week of Jan. 23.
In previous months, WV online casinos had only surpassed $700,000 in revenue on two occasions. However, during January alone, they achieved this milestone twice, with the highest earnings for a single week reaching an impressive $833,445.83.
It is evident now, for some undisclosed reason, that BetMGM has surpassed DraftKings and is no longer playing second fiddle. Naturally, DraftKings had the advantage of being the first to enter the market and enjoyed a period of exclusivity for several weeks.
With that being said, it is advisable for other potential online casino operators to initiate their operations promptly. As time goes by, the existing casino apps in WV will continue to strengthen their influence and dominance.
WV online casino handle
Typically, a month with high revenue indicates a successful month in terms of overall betting activity. In January, the total amount wagered exceeded $99 million, reflecting a 14% growth compared to the previous month.
Before the new year, West Virginia casinos recorded a single instance where they made over $24 million in a week. However, in the month of January, this achievement was surpassed three times, with the final week seeing an impressive wager of $26,536,696.81.
Based on the revenue breakdown, the handle results are unexpectedly surprising.
Although BetMGM has achieved financial success, it still needs to improve its betting capabilities.
DraftKings at Hollywood Casino accumulated over $65 million in wagers, while BetMGM at The Greenbrier reached only $34 million.
Last month, DraftKings also experienced a similar trend to December, accepting around $30 million more in handle.
During its peak week, BetMGM generated revenues surpassing $10.7 million, whereas DraftKings consistently exceeded $15.8 million every week.
For the past 10 weeks, DraftKings has consistently recorded a minimum of $10 million in bets.
While BetMGM has achieved similar earnings as its sole competitor in the state recently, there is a possibility that DraftKings could still possess some advantage.
With a consistent monthly average increase of $30 million in handle, there will be greater chances to generate additional profits.
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