During their initial nine weeks on the market, online casinos in West Virginia have had a remarkable start, accumulating a total online handle of nearly $100 million.
At present, there exist a pair of mobile betting apps exclusively designed for casino gaming.
On July 15, DraftKings Casino became the pioneer to launch in WV, monopolizing the industry for several weeks. However, a month ago, on Aug. 26, BetMGM Casino WV made its grand entrance as another option for players.
The introduction of another online casino has significantly contributed to the increase in betting numbers. In the coming times, residents can anticipate the release of more mobile platforms. However, it has been verified by the West Virginia Lottery that no further online casinos or sportsbooks, beyond the existing ones, have been granted approval.
However, the two online casinos in West Virginia that are currently active are thriving.
During the week of September 12th, the collective bets made at the two online casinos surpassed $17 million. Additionally, for the past four weeks, the total amount of wagers has consistently surpassed $10 million.
WV online sportsbooks took approximately six months to reach the $100 million mark in bets, whereas online casinos achieved this milestone in just about nine weeks.
Mobile options for sportsbooks in West Virginia were introduced in late August 2019, and it took until the end of February 2020 for the handle to reach $100 million.
Despite the limited sample size, this offers valuable insights into the potential magnitude of online casino gambling. As more individuals become aware of its existence and additional mobile apps are introduced, the betting numbers will undoubtedly surge.
It is worth mentioning that these online casinos are achieving remarkable numbers, offering a wide range of sports for betting purposes.
Sportsbooks now offer markets for all four of the major American sports, including NFL and college football betting.
We will now delve into the WV online casino revenue report and analyze the performance of DraftKings and BetMGM during their initial weeks.
WV Online Casino Handle
Online casino betting appeared to have established a steady rhythm. Following a strong start with substantial betting amounts during the initial three weeks, there was a slight decline in betting activity in the middle of August.
DraftKings Casino WV made a strong recovery during the week ending Aug. 22, marking the final week when only a single betting app operated in the state.
For the second time in just six weeks, it received wagers totaling over $10 million.
Afterward, the handle has consistently experienced gradual growth week after week. It surged to approximately $12.7 million in bets during the week of Aug. 29, and then surpassed $13.7 million the subsequent week.
In the latest update, online casinos have achieved an impressive feat by surpassing their previous record for overall handle. On September 12, these platforms raked in a staggering $17.2 million in bets, marking a significant 26% increase in betting figures over the past two weeks.
If the same increase happens this week as well, online casinos will be accepting more than $21 million in handle.
BetMGM is yet to find its footing in the WV market, whereas DraftKings Casino has successfully established itself.
Over the past three weeks, DraftKings has accumulated an impressive $35 million in wagers, whereas BetMGM Casino has recorded a handle of approximately $9 million during the same time frame.
DraftKings has already established itself, while BetMGM has just recently gone live. It wouldn’t be entirely fair to directly compare the two at this point.
However, DraftKings’ initial weeks in the market were more remarkable compared to their competitor.
In its inaugural week, the online casino came close to reaching a staggering $7 million in wagers. Building on this success, it went on to exceed $9 million in bets during its second week, and further skyrocketed to approximately $12 million in the third week.
After an impressive opening week, where it raked in nearly $2 million, BetMGM experienced a decline in its second week.
Luckily, its online casino managed to establish a stable position in the week of Sept. 12, as it accumulated more than $5.4 million in wagers.
WV Online Casino Revenue
As BetMGM Casino gains more recognition within the state, its betting numbers will progressively grow and come closer to matching those of DraftKings.
DraftKings undoubtedly holds an advantage that it may never lose by being the inaugural online casino to launch in the state.
While sports betting revenue may experience fluctuations, online casino revenue in WV tends to be more predictable. Typically, a greater betting handle leads to increased weekly revenue.
Naturally, a substantial jackpot or a comparable payout can counterbalance this situation.
Over the course of the initial nine weeks, online gambling in the Mountain State has accumulated revenue amounting to nearly $1.6 million.
If it weren’t for the week of Aug. 22, the figure would be even higher. DraftKings Casino experienced an unexpected loss during that week and paid out approximately $24,000 in negative earnings.
Online casinos have generated profits of at least $109,000 every other week. Additionally, in four out of the nine weeks, their revenue has surpassed $200,000.
Continuing on a positive note, there are promising indications ahead. The online casino sector achieved its highest revenue ever during the final week of this report, generating approximately $375,000 for the week ending on September 12th.
In the past three weeks, DraftKings generated approximately $475,000 in revenue, whereas BetMGM Casino recorded slightly above $120,000 during the same period.
During the latest three-week period, DraftKings’ profit was lower compared to its initial three weeks after launch, where it generated a revenue exceeding $550,000.
After its inaugural month in a new market, BetMGM is expected to witness an increase in both wagers and revenue, much like its betting handle.
In slightly over two months, the state of WV has accumulated over $200,000 in revenue through the implementation of a 15% privilege tax on mobile betting.
The commencement of online casino betting in WV marks a promising beginning. Urgency is required for potential operators to launch their app and secure their position before DraftKings and BetMGM dominate the entire market.
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