Since the launch of sports betting in West Virginia this summer, what is the total amount of money that has been involved?
According to recent data provided by the WV lottery, the total amount of wagers placed in the state up until the week ending Oct. 13 exceeded $9.5 million, resulting in approximately $2.4 million in revenue.
Since its official launch on September 1, the state has generated $240,000 in revenue from sports betting in WV.
Big lead for Hollywood Casino sports betting
Up until now, the statistics indicate that Hollywood Casino at Charles Town (HCCT) is significantly surpassing its sole rival, FanDuel Sportsbook at The Greenbrier Resort.
In reality, the two properties are not even close in terms of revenue. HCCT has accumulated a little less than $2.3 million since its launch, while the Greenbrier has only managed to generate around $75,000.
There are two caveats to this comparison. Firstly, the Greenbrier does not offer gambling to the general public, limiting its potential to generate unrestricted revenue.
The second condition is that the Greenbrier had only recently launched its sportsbook in mid-September, causing it to miss out on two weeks of betting, including the opening week of NFL games. Consequently, it is highly improbable for the private casino to have had any opportunity to compete with the larger establishment.
It is highly unlikely that the Greenbrier had any intention or strategy to continue its association with HCCT based on numbers. The Greenbrier’s casino holds a distinct exclusivity, functioning more as a facility to enhance the property rather than a significant source of income.
Greenbrier management does not intend to present the casino as a loss leader, but it can be regarded as an additional attraction for potential resort guests.
Overall, things are going pretty well for WV sports betting
Setting aside the difference between the two properties, the overall figures for the state are promising. During September, West Virginia casinos received slightly more than $7.3 million in bets, which increased to $9.5 million when including the beginning of October.
Compared to other states, the amount handled at launch is relatively lower. New Jersey takes the lead, with its first full month (July 2018) recording just under $41 million in wagers. New Jersey’s advantage lies in its close proximity to populous cities such as New York City and Philadelphia.
The most recent data reveals that the largest week in terms of revenue was the one starting on October 6. During this week, the state’s two sportsbooks generated a total revenue of $2.2 million. It is worth noting that the handle has witnessed a consistent growth in each subsequent week.
- The amount for the week starting September 1 is $457,787.85.
- Sept. 8: $1,104,008.32
- Sept. 15: $1,801,608.05
- Sept. 22: $1,904,569.60
- Sept. 29: $2,054,281.10
- Oct. 6: $2,215,942.10
Sports betting in West Virginia is still in its infancy. Currently, only two out of the five sportsbooks are operational. However, once the Mardi Gras Casino and Wheeling Island come into the picture, the industry is expected to gain significant momentum. Additionally, the potential of online sports betting cannot be overlooked.
It can be confidently stated that West Virginia sports gambling is about to witness significant developments in the near future.