March Madness played a significant role in a remarkable week for sports betting in West Virginia. The commencement of the NCAA basketball tournament resulted in impressive performances in terms of overall handle and revenue for the week ending March 23 in the WV market.
The report for this week covers the activity of all five WV sportsbooks from March 17 to March 23.
- Hollywood Casino Sportsbook
- Mountaineer Sportsbook
- The Greenbrier is home to the renowned FanDuel Sportsbook.
- Mardi Gras Casino Sportsbook
- Wheeling Island Sportsbook
Regrettably, both the residents and Delaware North are facing an unfortunate situation where the remaining three WV sportsbooks remain closed, leading to negative revenue despite honoring bet payouts.
The partnership between Miomni Gaming and Delaware North, the owner and operator of the sportsbooks at Wheeling Island, Mardi Gras Casino, and the BetLucky mobile app, was recently terminated.
Despite its efforts to overcome this challenging situation, Delaware North is faced with the task of seeking a new sports betting partner in order to resume its operations. It seems highly improbable that BetLucky will be reinstated in West Virginia.
Despite the absence of an online alternative, the WV sports betting market showcased remarkable strength during the week.
In the span of a month, the total handle surpassed $4 million for the first time, marking the highest figure attained in a period of six weeks.
The revenue experienced a significant increase for the week, surpassing the $700,000 milestone for the first time in three weeks.
In the past seven weeks, a total revenue of just over $773,000 was generated, marking the highest amount recorded thus far. This achievement stands as the second-best performance to date. Encouragingly, all three active sportsbooks in the state concluded the week with positive results.
WV Sports Betting Summary
The WV Lottery Commission has recently released the most up-to-date numbers since they began tracking WV sports betting revenue in August 2018.
- Handle: $95,873,837.20
- Revenue: $9,712,235.95
- Taxes: $971,223.69
WV sportsbooks had a remarkable week during March 23, with a substantial growth in the overall handle to $4,418,970.91. This represents a significant 55 percent increase compared to the previous week’s report.
There was also a significant surge in revenue figures, as the total amount of $773,104.48 represents a remarkable 248 percent rise compared to the previous week.
A Closer Look At WV Sports Betting Handle
Once again, Hollywood Casino proved to be a trailblazer in terms of weekly handle. The sportsbook successfully processed over $3 million in bets, marking only the second instance since its establishment.
This week, Hollywood had a larger market share compared to the entire WV market in the previous week.
The Mountaineer Casino experienced a fantastic week, with its sportsbook achieving a milestone by generating over $1 million in handle for the first time ever. This outstanding figure of more than $1.1 million represents a remarkable 31% improvement compared to its previous highest record.
The Greenbrier also made quite an impression. It experienced its most successful week in terms of handle in 13 weeks, marking only the sixth occasion that the sportsbook has managed to exceed $200,000 in bets.
This report likely attributes the success of these sportsbooks to two primary factors.
- Two suspended WV sportsbooks
- March Madness betting
The closure of Mardi Gras, Wheeling Island, and the online BetLucky sportsbook remains a significant contributing factor.
Due to the absence of online gambling in West Virginia, numerous residents had no choice but to visit the limited open land-based locations in order to place their bets. As a result, these three sportsbooks are expected to sustain a significant amount of betting activity, given the scarcity of alternative options.
In addition, it should be noted that the March Madness tournament is currently in progress. This tournament holds the distinction of being one of the most heavily bet on sporting events nationwide, with an astonishing annual wager exceeding $10 billion.
Given that there are 48 games during the opening weekend of the tournament, it is logical that the prime period for sportsbooks occurred at that time.
These are the rankings of the WV sportsbooks based on their weekly handle.
- The Hollywood Casino has a total of $3,020,088.11 in earnings, while the Mountaineer Casino has earned $1,122,385.05. The Greenbrier has accumulated $276,497.75 in earnings. On the other hand, both the Mardi Gras Casino and Wheeling Island have not earned any amount.
A Closer Look At WV Sports Betting Revenue
After a long time, the Hollywood Casino was not the sole contributor to the week’s successful revenue at the sportsbook. All three active books managed to turn a profit.
Thanks to its massive handle, Hollywood once again took the lead in setting trends. The sportsbook came close to reaching $500,000 for the first time in seven weeks, marking its seventh-best week since it first opened.
Mountaineer also had an enormous week. The sportsbook raked in almost $300,000, marking its highest revenue ever. The impressive amount of $284,985.40 is 32 percent higher than its previous record.
Despite being on a smaller scale, The Greenbrier had a significant week as its revenue reached its highest point in nine weeks.
Even though no new bets were accepted, Wheeling Island and Mardi Gras collectively awarded over $20,000 from resolved wagers.
March Madness has contributed to some of these impressive revenue figures, just like the handle.
In addition to typical game wagers, it is likely that several future bets were made just before the tournament began. These bets solely generate income for the casinos until the tournament concludes, at which point they must be settled and paid out.
These are the rankings of the WV sportsbooks based on their weekly revenue.
- Hollywood Casino ($445,625.63)
- Mountaineer Casino ($284,985.40)
- The Greenbrier ($65,439.00)
- Wheeling Island ($-5,462.45)
- Mardi Gras Casino ($-17,483.10)
On the board for WV Sportsbooks
Final Four
The Final Four of March Madness is set to conclude this weekend in Minneapolis, Minnesota. The semifinal matches are scheduled for Saturday evening, while the championship game will take place on Monday night.
The odds for the remaining teams to win the title at the DraftKings Sportsbook in New Jersey are as follows:
- Virginia +130
- Michigan State +190
- Texas Tech +400
- Auburn +650
The Masters
On April 11, the Masters Tournament kicks off, marking the official start of the PGA Tour. Golfers from around the globe will gather at Augusta National Golf Club in Georgia to compete for the prestigious green jacket awarded to this year’s champion.
The tournament favorites, as listed by NJ sportsbooks, are as follows:
- Rory McIlroy
- Dustin Johnson
- Jon Rahm
- Justin Rose
- Justin Thomas
- Tiger Woods
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