The West Virginia Lottery released its Comprehensive Financial Report for the FY 2022/2023. The state has many milestones to be proud of.
The Mountain State has really built up its lottery product, as iLottery is expected to grow during this upcoming fiscal year. And, of course, WV online casinos grew rapidly over the last year and should continue to do so.
West Virginia financial report announces record lottery revenue
The West Virginia Lottery had a successful FY 2022/2023, especially as the lottery vertical reached new heights in the Mountain State.
According to the Comprehensive Financial Report, the state generated $265 million last fiscal year on traditional scratch-off and draw game sales. The report said that the state launched a total of 36 new games for players.
While they aren’t considered retail slots, Limited Video Lottery (LVL) machines contributed a big chunk to the gambling revenue during the fiscal year. A little more than a year ago, PlayWV reported a total of nearly 10,000 functioning machines across the state. These machines are a consistent source of revenue.
According to the latest report, LVL machines achieved record gross revenue for 10 of the 12 months. March 2023 represented the highest total of the year, generating $46.5 million in revenue, the fourth-most since 2008.
In addition to these landmarks, West Virginia announced it is launching a new iLottery platform. The West Virginia Lottery partnered with NeoPollard Interactive (NPi) back in October 2023. The deal is going to allow residents to play lottery games anywhere they please within the state.
There should be plenty of iLottery accomplishments to report for this fiscal year.
Mountain State online casinos have success during FY 2022/2023
The online casino industry in West Virginia continues to soar. During FY 2022/2023, platforms produced $138.9 million in revenue. It came up just shy of the 2023 calendar year total of $157.2 million.
Despite the 12-month period of 2023 resulting in a larger number, the popularity of online casinos began to increase during FY 2022/2023.
In the first six months of the last fiscal year, revenue increased every month. The growth looked like the following:
- July 2022: $8.9 million
- August 2022: $9.6 million
- September 2022: $10.68 million
- October 2022: $10.7 million
- November 2022: $11.1 million
- December 2022: $12.1 million
The run finally concluded in January 2023, when operators generated $11.8 million in revenue.
To start this fiscal year, online casinos set two monthly revenue records, posting $15.5 million last October and $15.9 million last December.
The total of $138.9 million is expected to be broken this fiscal year.
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