With the addition of a third online sports betting app, the West Virginia sports betting market has reached new heights. Mountain State sportsbooks experienced a significant surge, accepting over $10 million in wagers for the first time.
During the week of Feb. 1, the state’s total betting handle reached a decent $8.8 million, but it increased by approximately $1.5 million in the subsequent week. While WVU Mountaineers basketball betting remained steady throughout the winter, the record-breaking handle in WV was primarily driven by Super Bowl wagering.
The reopening of two retail sportsbooks, Wheeling Island and Mardi Gras Casino, greatly contributed to the success of BetMGM WV’s launch. These two establishments began accepting bets prior to the NFL’s Super Bowl, further boosting the figures.
During both weeks, online sportsbooks surpassed retail locations in performance. The mobile apps generated approximately $900,000 more revenue on February 1st, while the online platforms’ total revenue exceeded $3.5 million more during the following week.
During the week of Feb. 8, online sports betting apps in WV generated more than $6.9 million in wagers, while the five operational retail sportsbooks contributed approximately $3.4 million in handle.
The state has witnessed a staggering $6.9 million in online bets, surpassing the previous records of $5.3 million, which had occurred only twice before.
In terms of revenue, the month has witnessed contrasting weeks. While the first week saw books generating revenue of over $1.4 million, Feb. 8 resulted in a loss exceeding $2.2 million.
Despite the conclusion of NFL betting, the XFL and college basketball betting have stepped in to fill the void, providing ample opportunities for wagering. Moreover, as the regular season nears its end, the highly anticipated March Madness tournament is fast approaching.
The report for this week covers two periods: Jan. 26 to Feb. 1 and Feb. 2 to Feb. 8, encompassing the activity of the following WV sportsbooks:
- The sportsbooks available in West Virginia are Hollywood Casino Sportsbook and DraftKings Sportsbook WV.
- The Greenbrier in West Virginia is now offering sports betting services through FanDuel Sportsbook and BetMGM Sportsbook.
- Mountaineer Sportsbook
- Mardi Gras Sportsbook
- Wheeling Island Sportsbook
WV sports betting revenue highlights
Here are the main points to take away from the figures on Feb. 1 and Feb. 8:
- The total handle has surpassed the $10 million milestone.
- The advantage of mobile betting signals the future.
- Revenue is impacted by Super Bowl betting for two consecutive weeks.
Thanks to the addition of three new sportsbooks and the excitement surrounding Super Bowl wagering, West Virginia witnessed its highest betting amount recorded thus far. Previously having reached $9 million in bets only once, the state’s sportsbooks collected an impressive sum of nearly $10.3 million on February 8th.
Their previous best set on Nov. 30 falls short by over $800,000 compared to this one.
In addition to the potential boost from Super Bowl betting alone, the introduction of three new sportsbooks also played a notable role in influencing the figures.
Previously, online sportsbooks have not surpassed the performance of physical retail locations. However, in recent times, they have been receiving a higher number of bets. Specifically, the mobile platforms received a significant portion, amounting to over $6.9 million, which constitutes approximately 67% of the total.
The current value of this figure exceeds its December average by approximately 10%.
As a third online option emerges, it is likely that mobile betting will further dominate the market. However, it is important to note that WV has a long way to go before reaching the over 80% market share that online betting holds in the Garden State.
In addition to gameday experiences for WVU and the NCAA Tournament in the future, the majority of the activity should continue to be centered around online apps.
The revenue figures fluctuated greatly, even though there was a consistent handle. The inconsistency could be attributed to Super Bowl wagering and futures.
Sportsbooks’ revenue for the week of February 1 could have been significantly increased due to the large number of bettors placing bets on the big game throughout the preceding week. Any wager made before February 2 would have contributed towards the impressive earnings exceeding $1.4 million.
However, it should be noted that the negative $2.2 million for the week likely consists of numerous bets made prior to the week of Feb. 8. This includes Super Bowl props, wagers, and even futures placed at the beginning of the year, all contributing to the significant negative amount.
In summary, sportsbooks should consider the two weeks as a collective period encompassing all Super Bowl bets, resulting in a total loss of approximately $775,000.
Although this may not be a positive indicator, placing significant bets on the Chiefs prior to the game and even earlier in the season could have resulted in a substantial payout.
WV Sports Betting Summary
The WV Lottery Commission has recently released the most up-to-date statistics since the commencement of tracking WV sports betting revenue in August 2018.
- Handle: $326,998,436.73
- Revenue: $27,119,684.88
- Taxes: $2,711,968.48
Sports betting experienced a slight decline during the week of Feb. 1, but witnessed a significant surge on Feb. 8. The betting numbers dropped by 1% to reach a cumulative amount of $8,855,401.50, but then swiftly rose by 16% to reach a handle of $10,291,644.79.
The revenue numbers experienced significant fluctuations. Sportsbooks witnessed a remarkable revenue growth of 700%, earning $1,448,084.20 compared to the previous week. However, they suffered a substantial loss of $2,221,972.43, reflecting a decrease of 253%.
A Closer Look At WV Sports Betting Handle
The handle breakdown will include the betting figures recorded over the past fortnight.
For six consecutive weeks, Hollywood Casino has maintained its leading position by accepting wagers worth nearly $10.9 million, surpassing all other competitors. Within this period, its sportsbook alone has accumulated at least $5.3 million in bets.
Over the course of two weeks, Hollywood’s DraftKings app emerged victorious by surpassing its retail sportsbook. The two platforms had a balanced performance, although the online sportsbook managed to generate approximately $250,000 more in total action.
On Feb. 8, DraftKings achieved a remarkable milestone by reaching a handle of almost $3.3 million, setting a new record for the company.
With two successful weeks, The Greenbrier secured the second position. Setting a new record, their sportsbook received bets totaling over $2.7 million, surpassing a handle of $3.8 million.
The online presence of The Greenbrier was further strengthened by the introduction of BetMGM, alongside the existing presence of FanDuel. Collectively, the online sportsbooks accounted for $6.2 million, which represents 96% of the total revenue generated.
The recent mobile high for this week reached $3.6 million, surpassing its previous record by approximately $1 million.
Despite lacking an online platform, Mountaineer Casino’s sportsbook still achieved approximately $1.5 million in handle, securing a commendable third place. Additionally, the sportsbook successfully recorded a minimum of $720,000 in wagers over the span of both weeks.
Mardi Gras and Wheeling Island made a successful comeback in the WV market, garnering a combined total of approximately $300,000 in acceptance.
These are the rankings of the WV sportsbooks based on their handle.
- Hollywood Casino – $10,866,654.85<br>The Greenbrier – $6,512,457.35<br>Mountaineer Casino – $1,467,187.99<br>Mardi Gras Casino – $178,206.10<br>Wheeling Island – $122,540.00
A Closer Look At WV Sports Betting Revenue
The revenue breakdown for the past two weeks shows a significant contrast from the norm. Mardi Gras Casino emerged as the frontrunner, generating approximately $45,000 in revenue. Notably, its sportsbook achieved profitability during its initial two weeks back in operation.
The rankings of the two recently reopened books surged as the active sportsbooks suffered significant losses throughout the NFL season, primarily due to end of season futures.
Wheeling Island emerged as the runner-up with the sole sportsbook generating a profitable revenue. It achieved a commendable $22,000 over the course of two weeks.
The Greenbrier secured the third position but suffered a loss of approximately $134,000. Although their sportsbook generated a revenue of over $109,000 on Feb. 1, it encountered a substantial loss of more than $243,000 in the following week.
The mountaineer incurred a loss of more than $150,000 within a two-week period. Despite earning nearly $192,000, their sportsbook suffered a loss of approximately $345,000 on February 8th.
Hollywood incurred a loss of over $550,000, resulting in a last-place finish. This is the second instance, since October, where their sportsbook suffered losses exceeding $1.2 million the week after earning $1 million.
The retail and online book sales were profitable during the week of Feb. 1 but incurred losses on Feb. 8.
This is the ranking of the WV sportsbooks based on their revenue.
- Mardi Gras Casino ($44,638.59)
- Wheeling Island ($22,085.74)
- The Greenbrier (-$133,698.81)
- Mountaineer Casino (-$152,836.75)
- Hollywood Casino (-$554,077.00)
On the board for WV Sportsbooks
WV Basketball
In a triumphant turn of events, the WVU Mountaineers put an end to their three-game losing streak by emerging victorious against the Oklahoma State Cowboys on Tuesday. This crucial win propels WVU to a commendable 19-7 overall record and secures their position in fourth place within the competitive Big 12 Conference.
Despite the significant victory, WVU has damaged its March Madness prospects in the past week. The inability to defeat Kansas or Baylor will inevitably impact the Mountaineers’ seeding in the upcoming NCAA Tournament.
Nevertheless, coach Huggins’ team is poised to secure a respectable seed for the Big Dance. However, they must maintain their winning momentum as only a handful of regular-season games remain.
The upcoming game for the Mountaineers will take place away from home at TCU on Saturday. In their previous meeting in January, WVU emerged victorious with a 32-point lead. Based on ESPN’s Basketball Power Index, the Mountaineers are favored with a 75% probability of winning once more.
XFL Betting
Another thrilling week of football in the XFL has come to an end, revealing a growing gap between the teams. After two weeks of play, it is evident that certain teams possess superior talent and have quickly found their rhythm, leaving others struggling to catch up.
Although there are numerous games remaining in the regular season, you have the opportunity to place your XFL futures bet at any given moment. Take a look at the championship odds provided by DraftKings:
- DC Defenders +200
- Houston Roughnecks +225
- Dallas Renegades +650
- Louis BattleHawks +1000
- New York Guardians +1100
- Tampa Bay Vipers +1100
- Los Angeles Wildcats +1400
- Seattle Dragons +1400
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