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Analyst notes ahead of third-quarter earnings pointed to mixed digital gambling trends in West Virginia, with sportsbook handle down 1% year over year in September and iGaming revenue growth slowing from earlier summer levels.
The data came from a CDC Gaming roundup of Wall Street research notes, including J.P. Morgan analyst Dan Politzer’s look at August and early September digital betting performance. For West Virginia, Politzer said September sportsbook handle was down 1% from a year earlier, while September iGaming gross gaming revenue was up 15% year over year.
West Virginia digital results showed slower online casino growth
Politzer said sportsbook handle trends in September were mixed across reported jurisdictions. West Virginia’s 1% decline compared with flat handle in Iowa, a 6% increase in the District of Columbia and a 3% decline in Maine. New York weekly data suggested handle was up about 4% year over year.
On the online casino side, Politzer said iGaming growth had decelerated more broadly. August iGaming gross gaming revenue growth slowed to 12% year over year, down from 20% in June and 16% in July. In West Virginia, September iGaming GGR was up 15% year over year, versus 27% and 23% in June and July, though Politzer noted the state’s data can be choppy.
Broader sector outlook remained cautious but generally positive
Outside the West Virginia-specific figures, several analysts said they still see resilience in the gaming sector heading into third-quarter reports.
Macquarie analyst Chad Beynon said gaming stocks were down 12% over the last month and 22% over the last quarter, but added that meetings at G2E and public data supported a view that the industry remains resilient. He said Macquarie expects third-quarter commentary to be “cautiously optimistic.”
Texas Capital Securities analyst David Bain also said the sector looked oversold and that sentiment may improve after third-quarter earnings rather than before them.
For West Virginia readers, the main takeaway is narrower: no market change was reported, but recent data suggests sports betting demand was roughly flat to slightly lower while online casino growth remained positive, albeit slower than earlier in the summer.
What to watch next
The next catalyst will be third-quarter earnings commentary from major gambling companies and any additional state market data that shows whether September’s West Virginia trends held through the full reporting cycle. As always, players should treat short-term month-to-month swings cautiously, especially in a smaller market like West Virginia.
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Source: As reported by cdcgaming.com.
