BetRivers hit a milestone in the third quarter in 2023. During Rush Street Interactive’s (RSI) Q3 2023 earnings call, CEO Richard Schwartz announced that BetRivers achieved a 14% market share in online casino gross gaming revenue (GGR) within the Mountain State.
There are a total of nine WV online casinos in the state. BetRivers WV Casino is not going to compete with some of the powerhouses. However, reaching this milestone is no small feat.
BetRivers announces encouraging West Virginia online casino results
Earnings calls give operators a chance to explain to investors the performance of a previous quarter and what the outlook of the future looks like. During Schwartz’s opening remarks, he wasted no time in sharing the BetRivers WV Casino results in the Mountain State.
“Our online casino share in West Virginia is at the highest level since we launched 2.5 years ago,” Schwartz said.
He mentioned that BetRivers reached 14% in online casino GGR during Q3 2023 in West Virginia. It’s the third market that the operator has reached that threshold, which includes Columbia and Pennsylvania.
BetRivers may have started behind the eight-ball in West Virginia, but has made up plenty of ground to position itself as a strong operator.
“West Virginia continues to be a great story for us. It’s a market where we launched later than our competitors and without any starting database or meaningful brand awareness,” Schwartz continued.
It’s impressive that BetRivers has been able to carve out such a sizable piece of market share in a state with DraftKings WV Casino, BetMGM WV Casino and FanDuel WV Casino all present. BetRivers launched in April 2021, after DraftKings and BetMGM, although a month before FanDuel.
Schwartz shared that West Virginia’s year-over-year revenue was up over 100% during the quarter, which follows year-over-year growth of 98% during the second quarter.
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BetRivers WV Casino is thriving without a retail presence
BetRivers is posting solid numbers in the Mountain State without the luxury of a land-based casino. As a whole, West Virginia online casinos generated $35.7 million in Q3 revenue.
The West Virginia Lottery breaks down revenue by license and not operator. BetRivers is partnered with Mountaineer Casino, along with Caesars WV Casino. Since Schwartz said that BetRivers reached 14% in market share GGR, it produced about $5 million in Q3 revenue.
Pennsylvania is the other US market where BetRivers acquired a 14% market share. The situations are different, however, as the operator has a database of two land-based casinos, Rivers Casino Pittsburgh and Philadelphia, to lean on.
“We’ve integrated the platform systems together in a way that allows us to award loyalty points whether the play goes from land-based to online or the play online goes back to land-based,” Schwartz said.
West Virginia only has five casinos in the state. They are:
- Mountaineer Casino
- Hollywood Casino Charles Town
- Mardi Gras Casino
- Wheeling Island Casino
- The Greenbrier
Perhaps BetRivers would grab an even larger percentage of West Virginia market share if it had some of the retail capabilities it features in Pennsylvania.