For the first time in four months, West Virginia online casino revenue failed to reach at least $8 million. It totaled around $7.7 million during May betting.
This breaks the streak of three consecutive months exceeding that mark, including March, when revenue set the current record with almost $8.4 million.
May fell short of expectations due to a slow start. The Mountain State’s online platforms didn’t hit $1.8 million in either of the first two weeks.
They did recover, though, earning over $2 million in the final two weeks. Their best performance came on the week of May 21, with profits of around $2.2 million.
Since this latest run began in February, WV online casinos have earned a minimum of $2 million in nine of the last 15 weeks.
While the revenue decreased a bit, the online handle saw a slight uptick. The apps accepted about $213 million in bets for the month, around $2,000 more than April.
Recapping online casino revenue for May
It wasn’t a terrible month, but revenue did take a step back in May. It declined 5% compared to the month prior.
A sluggish opening week with just $1.6 million in earnings is the worst showing since Jan. 22. WV online casinos made only around $120,000 more the following week before turning it around.
The Greenbrier continued its dominance in the state and finished May with nearly $4.3 million in revenue. FanDuel Casino WV and BetMGM WV didn’t get to $800,000 in the first week of the month but topped at least $1 million the following three.
Their revenue has fallen short of seven figures only on two occasions in the last 16 weeks. It’s another solid month but was about $300,000 shy of April’s revenue.
Hollywood Casino’s two online licenses held steady last month. They grossed slightly over $2.4 million.
This was basically an identical month for DraftKings Casino WV and PointsBet WV. They ended up pulling in about $25,000 more this time around. Their best week was the week of May 21, when they surpassed $720,000 in revenue.
Mountaineer placed third in May, producing a little less than usual. After two straight months exceeding $1 million, Caesars WV and BetRivers WV completed May at $980,000.
The platforms were consistent again, though. Every week saw at least $215,000, with the week of May 14 the best, around $270,000.
Overall, the state is now approaching $78 million in online casino revenue for this fiscal year.
All about May handle for online casinos
Even though revenue was reduced last month, the betting handle went in the opposite direction. It wasn’t substantial; however, bets did increase by just over 1%.
Ironically, WV online apps generated the largest handle during the opening week, when revenue hit its lowest point. They took more than $60 million in wagers, at least $7 million beyond any other week.
This is a great example of how more betting doesn’t always translate to more profit. Still, this first week is only the third time the Mountain State’s handle has bested $60 million in a seven-day period in 2022.
The Greenbrier’s online casinos also led the way with handle. They recorded a very similar month to April, amassing just over $111 million. May’s figure ended up just $88,000 less.
The private resort’s BetMGM and FanDuel are consistently in this range. Since February, they’ve taken a minimum of $110 million in bets every month.
Although they never saw $30 million for weekly handle, the duo came close with over $29.6 million for the week of May 7.
Hollywood was next, with coincidentally a very close handle to the previous month, too. The casino’s $73.4 million in bets for May defeated April’s report by about $390,000.
DraftKings and PointsBet had a very impressive opening to the month but proceeded to take fewer bets each week. They started with almost $23 million, while the casinos finished May at around $15.5 million.
Mountaineer also received more wagers last month. Its online handle jumped about $2 million to $28 million.
Unlike the others in WV, its busiest week concluded in May, going over $8.4 million. This was Caesars’ and BetRivers’ highest handle in 10 weeks.
The state’s total handle for this fiscal year is now more than $2.3 billion.