Sportsbooks in the Mountain State had their ups and downs in May, but West Virginia sports betting did just fine for the month when all was said and done.
Recently released numbers from the West Virginia Lottery showed the state’s sportsbooks handling about $31.9 million in wagers, down about 17.2% month-over-month and 14.4% year-over-year.
However, West Virginia sports betting revenue told a different story as sportsbooks cashed below $28 million in tickets. This resulted in nearly $3.5 million in revenue, up 21.9% MoM and 1.4% YoY.
The WV Lottery reports data weekly, breaking down each period from Monday to Sunday. All numbers are based on weeks ending in May, meaning data shown comes from April 30 through May 27.
Revenue rises, despite handle falling
May was the second straight month that WV sportsbooks had double-digit drops in handle, thanks mainly to a lack of betting options. Besides playoff basketball and hockey, Major League Baseball and a few horse races were the only real offerings.
April’s $38.5 million handle was the first month to show a YoY increase, though numbers still fell sharply from the $43.1 million wagered in March’s weeks.
Sports betting handle did not bounce back in May, either. Handle dropped below $32 million, but a 12.4% hold made up for the drop in wagers.
Through five months of the year, May’s handle was the lowest, but its revenue fell in the middle of the pack.
- May: $31.9 million handle; $3.5 million revenue
- April: $38.5 million handle; $2.8 million revenue
- March: $43.1 million handle; $4.2 million revenue
- February: $39.8 million handle; $2.8 million revenue
- January: $44.8 million handle; $3.7 million revenue
Charles Town Leads in handle; Greenbrier tops all revenue
Despite West Virginia having five retail casino licensees for its online sportsbooks, two receive 90% of all wagers.
Charles Town, whose partners include DraftKings Sportsbook WV, Barstool, and PointsBet, led the state with a $16 million handle in May. This led to $1.3 million in revenue.
Greenbrier and its partners of FanDuel WV, BetMGM WV, and Golden Nugget recorded the second-highest handle at $13.5 million. However, its bettors fared worse throughout the month, making it the top revenue earner with almost $2 million.
Of the remaining three, only Mountaineer returned a seven-figure handle of $1.3 million from its partners, Caesars Sportsbook WV and BetRivers WV. Unfortunately, it posted a state-low revenue total of just $42,602.
Rounding out the list, Mardi Gras ($370K handle; $54K revenue) barely outdid Wheeling ($362K handle; $46K revenue). Both casinos have partnerships with Betly.
Closing out FY ‘23 with more of the same
One month remains in the Fiscal Year 2023. Cumulative data through June 3 shows a total handle of $506.7 million. FY ‘22 handle through June 4 totaled $573.2 million, marking an 11.6% YoY decline.
Luckily, strong sportsbook performances have all but guaranteed YoY revenue increases for FY ‘23. Through June 4, sportsbook revenue is almost $51 million, up 17.9% from $43.2 million a year ago.
