It was an incredible month for the West Virginia online casinos. In February, online casino apps in the Mountain State generated over $3.4 million in revenue, a new record.
Although the WV market is only in its eighth full month, it seems to be building some real momentum.
February’s revenue is about $650,000 more than casinos earned in the previous month.
The two online casinos earned at least $875,000 in the final three weeks of February. Their best showing nearly hit $1.1 million for the week of Feb. 13.
This is the first time online casinos exceeded the $1 million mark for revenue in a single week.
They also had a tremendous showing in terms of online betting handle.
DraftKings and BetMGM accepted over $100 million during the month for the first time. After taking in around $99 million in January, they saw more than $117 million in wagers in February.
For the second consecutive month, online casinos reached a minimum of $22 million in handle each week.
Part of the reason the handle did so well was the massive performance the week of Feb. 13. Online casino bets totaled over $39 million for that week alone, after never previously hitting $30 million in a week.
WV online casino February revenue
Revenue figures took a sizable jump last month. The over $3.4 million earned is a 23% increase compared to the first month in 2021.
While the state’s online casinos weren’t able to duplicate the week that netted $1 million, they did come close. In the final two weeks of February, they made about $920,000 and $880,000, respectively.
Online casinos had only seen over $800,000 in revenue once before that month.
Once again, the split between the two mobile operators was basically even. However, for the first time since launching, BetMGM generated more earnings than DraftKings Casino.
After getting close last month, BetMGM took the top spot with more than $1.8 million in revenue. It narrowly edged out Hollywood Casino’s DraftKings app, which made a little over $1.6 million.
Even though BetMGM was less consistent during the month, it featured much more profitable weeks. The online casino reached $500,000 on two separate occasions, earning nearly $590,000 for the week of Feb. 13.
DraftKings never got to the $500,000 mark, but it did see at least $410,000 in revenue in three of the four weeks.
Its best performance also came during the week of Feb. 13, when it took in nearly $498,000.
It will be interesting to see if The Greenbrier’s BetMGM can continue growing its lead over DraftKings going forward. It’s possible the two apps will end up splitting the market until additional options release.
WV online casino February handle
The Mountain State’s online casinos had a successful month in accepting bets, too.
Their $117 million in handle is an 18% improvement from January wagering.
Before the month started, weekly betting had not eclipsed $27 million. In February, online casinos did so three times, including the incredible week with over $39 million in handle.
Although BetMGM finally surpassed DraftKings in regard to monthly revenue, it still is behind in taking bets.
BetMGM totaled around $52 million for the month, while DraftKings was just shy of $65 million in handle.
Both online casinos shared up-and-down weeks throughout the month.
DraftKings had its best showing the week of Feb. 13, when it accepted over $25 million. BetMGM’s top performance was the last week in February, with nearly $15 million.
They each featured weeks with fewer than $10 million in wagers, though.
DraftKings only saw slightly over $7 million in handle for the week of Feb. 27, and BetMGM was at about $9.8 million on Feb. 20.
While BetMGM is still looking up at its competitor for handle, the online platform really closed the gap this month.
In January, DraftKings’ handle was over $30 million more than BetMGM’s production. If BetMGM can continue to close this differential, then it should have no problem earning plenty of revenue moving forward.