During the month of October, the sports betting market in the Mountain State witnessed a significant amount of activity. West Virginia sportsbooks managed to accumulate a total handle exceeding $61 million.
After a series of lackluster months, the industry experienced two impressive back-to-back months, thanks in part to the revival of college football and NFL betting in WV.
In September, the handle reached $45 million, but October surpassed that amount by nearly $17 million.
Sportsbooks in West Virginia collectively experienced a consistent weekly wagering volume of no less than $14 million, reaching its peak at nearly $17 million.
For eight weeks in a row, the weekly handle has surpassed the eight-figure mark.
Approximately 77% of the total monthly figure, or nearly $48 million, can be attributed to WV online sports betting apps.
In every week of October, they consistently exceeded eight-figure earnings and have achieved this milestone for six consecutive weeks. The online platforms outperformed themselves during the week of October 23, surpassing a remarkable $13.4 million in bets.
To everyone’s surprise, the rise in handle did not lead to an increase in revenue. WV sportsbooks earned close to $2.7 million last month, which is significantly lower than the $6 million generated in September.
A portion of the month’s “revenue” can be credited to futures bets placed on football. Although these bets may appear as profits at first before the season begins, they have the potential to become payouts in the future.
WV Sports Betting Handle, October 2021
September’s betting figures showed a notable surge, with a difference of 35% in handle.
After previously being surpassed by Hollywood Casino, The Greenbrier reclaimed its position and outperformed all other establishments for the month.
With a combined contribution of nearly $29 million, FanDuel Sportsbook WV and BetMGM Sportsbook WV played a significant role in the private resort’s reclaiming of the highest handle position. The online applications alone accounted for roughly $28 million of this total.
During each week, they witnessed no less than $5.8 million, and the amount soared to nearly $8.2 million for the week of Oct. 23.
Last month, Hollywood slipped to the second position, but only by a small margin. Its retail establishment, together with DraftKings WV Sportsbook and PointsBet WV Sportsbook, amassed over $23 million in bets.
The combined total revenue of the two online sportsbooks amounted to approximately $16 million.
The Greenbrier’s combination consistently outperformed Hollywood’s options, surpassing a weekly handle of $4 million on only two occasions. Their highest achievement was approximately $4.3 million.
The resurgence of football clearly influenced the surge in online betting. The Greenbrier’s applications witnessed a substantial rise of approximately $11 million, whereas Hollywood’s experienced a significant increase of over $8 million.
Given that PointsBet was not available in the state until August, it is understandable that it may not have generated the same level of engagement yet. However, once it does, Hollywood’s online platforms are expected to offer similar options as those available at the resort.
In October, Mountaineer secured the third position, accumulating approximately $6.3 million in handle. Notably, its online application, Caesars Sportsbook WV, contributed significantly to this achievement, accounting for nearly $2.9 million.
Compared to the previous month, the online book has experienced a rise of approximately $900,000.
Mardi Gras’s sister property at Wheeling Island experienced a significant increase, with its handle reaching approximately $2.1 million, while Wheeling’s handle was closer to $1 million.
The disparity in production between their mobile app was also evident. The Mardi Gras location generated approximately $725,000 for their Betly Sportsbook, whereas the Wheeling location only managed to accumulate $110,000.
WV Sports Betting Revenue, October 2021
As previously stated, there was a 56% decrease in revenue compared to the previous month. Sportsbooks need not worry unless this decline becomes a regular occurrence.
The fact that the state’s revenue was almost $2.7 million in October is impressive, especially when considering that it fell short of $2 million in August.
The distribution of profits throughout the week was peculiar, with two weeks being highly profitable and two weeks yielding considerably lower profits.
In terms of earnings, the initial and final weeks of the month generated over $1 million each, whereas the combined earnings of the middle weeks amounted to approximately $385,000.
The profits generated by online sportsbooks exceeded $1.6 million.
Although it didn’t have the highest number of bets placed, Hollywood Casino once again emerged as the top revenue earner, surpassing The Greenbrier with a staggering amount of over $1.3 million.
Over the span of four weeks, DraftKings and PointsBet collectively accumulated approximately $845,000. They achieved surpassing the $400,000 mark on two occasions, yet encountered a week that resulted in a financial loss.
In October, The Greenbrier secured the second position, generating approximately $815,000 in revenue. Its two applications contributed slightly more than $675,000 to this success.
FanDuel and BetMGM had their most successful performance at the beginning of the month, raking in nearly $335,000.
Despite coming in third place, Mountaineer had a disappointing October as its revenue experienced a significant decline, plummeting by over 50% and only reaching approximately $270,000.
Despite incurring a loss of nearly $40,000 during the week of Oct. 23, Caesars app still managed to generate approximately $65,000.
Mardi Gras barely outperformed Wheeling Island in terms of revenue, earning $122,000, while Wheeling generated $112,000.
Mardi Gras emerged as the winner in terms of online revenue, raking in approximately $25,000, while Wheeling suffered a loss of nearly $7,000.
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