In May betting, the online casino revenue in West Virginia fell short of $8 million for the first time in four months, amounting to approximately $7.7 million.
The streak of surpassing the mark for three consecutive months, including the record-breaking revenue of nearly $8.4 million in March, has been interrupted.
May did not meet expectations because it had a slow start, with the online platforms of The Mountain State failing to reach $1.8 million in the initial two weeks.
However, they managed to make a comeback, generating a revenue of over $2 million in the last two weeks. Their most successful week was during May 21, where they achieved profits of approximately $2.2 million.
In the past 15 weeks, starting from February, online casinos in WV have consistently generated at least $2 million in earnings for nine of those weeks.
Although there was a slight decrease in revenue, the online handle experienced a minor increase. The apps received approximately $213 million in bets for the month, which was about $2,000 higher than the amount recorded in April.
Recapping online casino revenue for May
May was not a disastrous month, but there was a setback in revenue as it declined by 5% compared to the previous month.
After a slow start, the opening week only generated $1.6 million in earnings, marking the poorest performance since Jan. 22. However, the situation improved slightly in the following week when WV online casinos managed to make approximately $120,000 more before rebounding.
In May, The Greenbrier maintained its strong position in the state and ended the month with revenue of almost $4.3 million. Although FanDuel Casino WV and BetMGM WV fell short of $800,000 in the initial week, they surpassed the $1 million mark in the subsequent three weeks.
In the past 16 weeks, there have been only two instances where their revenue did not reach seven figures. Although it has been another successful month, their revenue fell approximately $300,000 short compared to April’s earnings.
Last month, Hollywood Casino maintained its two online licenses, generating a slightly over $2.4 million in gross revenue.
DraftKings Casino WV and PointsBet WV had a remarkably similar month, with a slight increase of approximately $25,000 in earnings compared to the previous period. Their most successful week was during May 21, when their revenue exceeded $720,000.
In May, Mountaineer secured the third position with slightly lower production than usual. Caesars WV and BetRivers WV, which had achieved over $1 million for two consecutive months, concluded May with a total of $980,000.
However, the platforms remained consistently profitable. Each week generated a minimum of $215,000, with the week of May 14 being the most lucrative, generating approximately $270,000.
In total, the state is currently on track to generate approximately $78 million in online casino revenue for the current fiscal year.
All about May handle for online casinos
Although revenue decreased last month, there was an opposite trend in the betting handle. While the increase in bets was not significant, it did rise by slightly more than 1%.
Surprisingly, the online applications in WV garnered the highest amount of wagers during the initial week, despite the fact that revenue reached its lowest point. These apps managed to accumulate over $60 million in bets, surpassing any other week by at least $7 million.
Despite this, the first week of 2022 marks only the third occasion where the Mountain State’s handle has surpassed $60 million within a seven-day timeframe, indicating that increased betting does not necessarily result in higher profits.
The Greenbrier’s online casinos continued to dominate in terms of handle, showcasing a similar performance to April by accumulating slightly over $111 million. May’s figure only fell short by a mere $88,000.
Both BetMGM WV and FanDuel, the private resort’s popular betting platforms, have consistently maintained their performance within this range. They have recorded a minimum of $110 million in bets every month since February.
Despite not reaching $30 million in weekly handle, the pair came close by generating over $29.6 million during the week of May 7.
In a remarkable coincidence, Hollywood followed suit with a handle that closely mirrored the previous month. The total bets placed in May at the casino amounted to a staggering $73.4 million, surpassing April’s figures by approximately $390,000.
DraftKings and PointsBet WV had a remarkable start to the month, amassing nearly $23 million. However, as the weeks progressed, their betting activity gradually declined. By the end of May, the casinos’ total earnings stood at approximately $15.5 million.
Last month, Mountaineer experienced an increase in the number of wagers received. The online handle saw a significant jump of approximately $2 million, reaching a total of $28 million.
Caesars and BetRivers experienced their busiest week in May, surpassing $8.4 million, unlike the rest of West Virginia. This marked their highest handle in 10 weeks.
The current fiscal year has witnessed the state’s total handle surpassing $2.3 billion.
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