Although West Virginians reduced their sports gambling activities in December compared to the previous month, the state’s industry experienced an increase in revenue.
The following presents the most recent sports betting statistics from the West Virginia Lottery, focusing on West Virginia.
West Virginia sports betting revenue grows in December
In December, the revenue from sports betting reached a total of $7,076,348.40, putting an end to a consecutive two-month decline.
The sports betting revenue in December reached its highest point since September, when it reached $6.97 million. However, since then, it has been gradually decreasing.
The state’s revenue in October amounted to $5.06 million, which experienced a slight decline to $5.02 million in November.
Year-to-year revenue and online handle rises
In December 2022, West Virginia’s sports betting revenue experienced a significant increase of $1.93 million compared to December 2021, reaching a total of $7.08 million. This growth indicates a promising trend for the industry. Moreover, sports bettors also wagered a larger sum of money in December 2022, precisely $657,655.45, compared to the equivalent month in the previous year.
In December 2022, the total sports betting handle saw a decline compared to December 2021. During the previous December, bettors wagered approximately $57.6 million, surpassing the amount by $4.28 million compared to December 2022.
Compared to December 2021’s $11.84 million mark, the retail handle experienced a significant decline, dropping by $4.94 million.
West Virginia sports betting handle drops in December
According to the most recent report from the West Virginia Lottery, the state witnessed a significant decline in its sports betting handle compared to the previous month. In December, the total amount wagered on sports, encompassing both online and retail betting options, was $53,314,188.68.
The total amount dropped by $16.53 million compared to November’s handle of $69.85 million, indicating a decline. November’s handle experienced a significant increase compared to the previous month of October.
In December, the casino industry in West Virginia, whether in person or online, experienced a similar downfall.
Why did West Virginia’s sports betting handle fall?
Bettors are not wagering as much money on a monthly basis for various reasons.
One possible explanation could be the availability of only a restricted range of bonus options. Customers who are deeply committed to engaging in sports betting across various sportsbooks have likely already utilized the initial sign-on bonuses, which commonly offer free bets and additional incentives.
As time goes by, the market undergoes maturation, resulting in a limited playing field due to the dominant presence of main sportsbooks.
During the holiday season, bettors tend to be more cautious about their spending and restrict their disposable income, which could influence their gambling habits.
The West Virginia University Mountaineers, the primary college football team in the state, did not qualify for a bowl game. Although the absence of a December bowl game would not have had a significant impact on the market, it would have provided bettors with a local option to place their bets on during that month.
Although the month-to-month decrease was significant, it may not be worth losing too much sleep over. However, it is advisable to closely monitor the upcoming months, as they offer great opportunities for gambling in the sports betting industry.
In February, the Super Bowl, one of the biggest events in the gambling world, takes place. And just around the corner in March, we have March Madness, as you might have guessed.
Sports bettors continue to favor online gambling over retail
Like the rest of the nation, West Virginia is also witnessing a growing preference among sports bettors to gamble online instead of visiting brick-and-mortar retail outlets.
In December, the total amount wagered by West Virginia residents on their mobile devices reached $46,417,378.07, surpassing the retail handle of $6,896,810.61 by almost $40 million.
Both online and retail bet totals experienced a decrease compared to the previous month. Online sports betting saw a decline of approximately $14.39 million from November, while retail betting showed a decline of $2.14 million.
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