In their brief existence, online casinos in West Virginia experienced yet another prosperous month.
The betting handle of online casinos in West Virginia surpassed $53 million in October.
While not surpassing last month’s total, the past four weeks have demonstrated remarkable consistency. As online casinos have been operational for four months, data is starting to reveal a consistent weekly average.
Online casinos have received approximately $12.7 million, $12.5 million, and $12.8 million over the past three weeks.
The market may be beginning to stabilize for now, following a period of fluctuating outcomes over the past few weeks.
Since its launch, the collaboration between DraftKings WV Casino and BetMGM Casino WV has created a significant surge in sports betting within the state. In just four months, the online casinos have accumulated the following amount of handles:
- July: $37 million
- August: $45 million
- September: $61 million
- October: $53 million
For 11 consecutive weeks, they have accumulated wagers totaling no less than $10 million.
It is undeniable that online casinos in WV have gained immense popularity. They are surpassing the level of activity observed during the launch of the state’s online sportsbooks and overall.
For the past three weeks, online sports betting in WV has remained below $7 million.
Online casinos are generating substantial revenue as well.
In October, their combined profits amounted to nearly $1.6 million. Moreover, these consistent results were maintained throughout the month.
The minimum weekly revenue for online casinos reached $340,000. The most successful week for DraftKings and BetMGM was during October 31, when their casino applications generated over $470,000.
In a matter of months, online casinos have amassed nearly $200 million in wagers and generated a revenue of around $5 million.
With the continuous expansion of game libraries on existing platforms and the introduction of new apps, the figures for online casino betting are expected to witness a steady increase.
WV online casino handle
During the week ending on October 10th, online casinos experienced their highest performance, with an impressive total of over $15 million in bets.
After experiencing decreases in two consecutive weeks, it unexpectedly surged by approximately $400,000 in the latest week.
DraftKings Casino has established a dominant presence in the WV market, primarily attributed to being the inaugural online casino in the state.
DraftKings capitalized on a six-week head start, successfully attracting and retaining a significant portion of the customer base. The app made its market entrance with the support of a license from Hollywood Casino.
In the month of October, DraftKings accounted for approximately 71% of the total betting handle in the state, amounting to nearly $38 million.
BetMGM, the online casino of The Greenbrier, consistently reached approximately $4 million per week throughout the month, accumulating a total of around $15.5 million in wagers during October.
Although BetMGM’s production is slightly behind that of DraftKings, it is heading in the right direction.
The handle of the online casino witnessed a growth of approximately $1 million during the week of Oct. 24, followed by an additional $200,000 in the most recent week.
However, DraftKings’ handle has shown some inconsistency recently. It experienced a decline of over $1 million two weeks ago, but managed to bounce back with a subsequent increase of nearly $200,000.
Despite the decrease in October’s figures compared to September, there is little indication that the handle will decline once more.
As previously stated, the existing casino apps are continuously enhancing their offerings. DraftKings, in particular, has recently expanded its online partnership with game provider NetEnt, which will bring a fresh wave of thrilling titles to their platform in the near future.
The prospects of a bright future for online casino betting in WV are heightened by these new additions, as well as the potential launch of another online platform such as FanDuel Casino.
WV online casino revenue
In addition to a strong betting handle, the Mountain State also performed admirably in terms of revenue generation during the month.
In October, the total revenue amounted to nearly $1.6 million, resulting in approximately $200,000 in funding for the state.
Even though online casinos experienced an increase of $8 million in bets during the previous month, the revenue figures were relatively close.
Online casinos missed out on earning approximately $1.8 million in September, but the slight difference of just over $200,000 implies that October proved to be highly profitable for them.
Despite DraftKings dominating the online handle, their profits for the month were not as one-sided as expected.
DraftKings accumulated almost $990,000 during a span of four weeks, achieving earnings surpassing $200,000 on three occasions. Notably, it garnered over $275,000 during the week of Oct. 31.
To everyone’s surprise, BetMGM managed to generate nearly $600,000 in revenue on its own.
Despite representing only 29% of the handle, the online casino’s revenue contributes approximately 38% of the total earnings.
In each week of the month, BetMGM generated a minimum of six figures in revenue. The highest earning week occurred in October’s final week, surpassing $190,000.
Revenue reports for online casino betting have shown inconsistency in the first four months.
In the initial month, online casinos accumulated a revenue surpassing $800,000, which was subsequently followed by approximately $400,000 in August.
In the subsequent month, the amount rose again to $1.8 million before stabilizing at $1.6 million in October.
There is no valid explanation for a decline in revenue in November, just like the state’s situation. Even if there are no new entries in the online casino industry, it is probable that there is increased betting activity, resulting in additional revenue.
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