West Virginia sports betting continued its hot streak in the month of February. With three online sports betting apps in the rotation, the Mountain State is having its biggest month in terms of overall handle since legalizing sports wagering.
WV sportsbooks accepted over $9.7 million in bets for the week of Feb. 22. This is their second-best week, only slightly off the $10.3 million wagered the week of the Super Bowl.
With betting figures this high already, sportsbooks can be optimistic about the upcoming months. Besides the NBA and NHL playoffs approaching, March Madness is nearly here.
The WVU Mountaineers were having a magical season, but have been terrible of late. They’ve lost six of their last eight games and are now unranked for the first time since very early in the year.
Despite the Mountaineers’ recent struggles, college basketball betting is fueling a lot of the action at sportsbooks. Wagering should continue to increase with the start of conference tournaments next week.
This week’s report includes activity from Feb. 16-22 from these WV sportsbooks:
- Hollywood Casino Sportsbook and DraftKings Sportsbook WV
- The Greenbrier with FanDuel Sportsbook and BetMGM Sportsbook WV
- Mountaineer Sportsbook
- Mardi Gras Sportsbook
- Wheeling Island Sportsbook
WV sports betting revenue highlights
The following are the key takeaways from the Feb. 22 figures:
- Online handle responsible for 70% of total
- The Greenbrier’s mobile apps set a new record
- College basketball upsets help boost revenue
Although online sports betting took some time to find its stride in West Virginia, mobile betting figures have been on the rise. The launch of BetMGM has helped the market substantially, giving bettors in the state three very quality options.
This week, online sportsbooks accepted over $6.8 million in bets, less than $100,000 fewer than their best performance the week of the Super Bowl.
The week’s total online wagers equal more than 70% of the state’s overall handle.
Thanks to the launch of BetMGM, The Greenbrier became the first retail location to offer two online sportsbooks. Along with its FanDuel app, The Greenbrier reached an online handle of more than $4.2 million.
This is the first week ever that online apps from one location exceeded $4 million in bets.
The Greenbrier has been so successful with its two mobile licenses, it wouldn’t be surprising to see other online books release into the market soon, too.
On the revenue side of things, a crazy Saturday full of upsets in college basketball led to a solid week of earnings for sportsbooks. A number of top-ranked teams went down on Feb. 22 as bettors who backed the favorites had a rough afternoon.
Top-ranked Baylor lost to Kansas, No. 2 Gonzaga fell to BYU, No. 4 San Diego State was edged by UNLV and No. 17 WVU lost again on the road to TCU.
These upsets, along with plenty of other underdog covers, helped lead to a big day and solid week for WV sportsbooks’ revenue.
WV Sports Betting Summary
- Handle: $345,575,667.97
- Revenue: $28,180,289.42
- Taxes: $2,818,028.94
It was a very active week for sports betting in WV. Overall handle grew 10% and totaled $9,740,519.85.
Revenue figures were strong as well. Sportsbooks earned $782,874.01, a 182% increase from the week prior.
WV sports betting revenue for the week ending Feb. 22, 2020
|WV Sportsbook||Online Handle||Retail Handle||Total Handle||Online Revenue||Retail Revenue||Total Revenue|
|Hollywood Sportsbook + DraftKings||$2,620,801.90||$2,203,696.81||$4,824,498.71||$123,383.74||$333,998.79||$457,382.53|
|The Greenbrier + FanDuel Sportsbook||$4,204,958.02||$66,554.00||$4,271,512.02||$249,383.15||$34,370.00||$283,753.15|
|Wheeling Island Sportsbook||N/A||$101,223.30||$101,223.30||N/A||$8,079.01||$8,079.01|
|Mardi Gras Sportsbook||N/A||$167,157.10||$167,157.10||N/A||$12,465.30||$12,465.30|
A Closer Look At WV Sports Betting Handle
Hollywood Casino led all others in handle after just an average week for Feb. 15. Its sportsbook accepted over $4.8 million in bets this week.
After nearly dipping below $4 million in handle a week ago, it increased by more than $800,000.
Hollywood’s DraftKings betting app just narrowly beat out its retail location. DraftKings saw slightly over $2.6 million in handle and Hollywood’s retail book accepted around $2.2 million.
The Greenbrier finished in a close second yet again. It set another new record high for handle with almost $4.3 million this week. This beat last week’s previous best by about $300,000.
As noted, The Greenbrier’s online combination of FanDuel and BetMGM also set a new record for mobile apps with over $4.2 million in bets.
Mountaineer came in third with a very lackluster week. It only managed to take in about $375,000 in wagers. Its sportsbook has now seen its handle reduce in back-to-back weeks and reduce around $300,000 from a week ago.
The return of other retail sportsbooks in the state has certainly affected Mountaineer Casino and its sportsbook’s productivity.
Mardi Gras Casino added $167,000 and Wheeling Island came in last with just over $100,000 in handle.
Mardi Gras’ handle has risen in each of its first four weeks back to the industry, with the last three all being over six figures. Feb. 22 is Wheeling Islands’ first week back over $100,000.
Here’s how the WV sportsbooks rank for weekly handle:
- Hollywood Casino ($4,824,498.71)
- The Greenbrier ($4,271,512.02)
- Mountaineer Casino ($376,128.72)
- Mardi Gras Casino ($167,157.10)
- Wheeling Island ($101,223.30)
A Closer Look At WV Sports Betting Revenue
The rankings for revenue are identical to the handle breakdown. Hollywood led the way with more than $450,000. This is a great performance for its sportsbook following two forgettable weeks.
Despite taking fewer wagers, Hollywood’s retail sportsbook earned almost $335,000 compared to the $125,000 made online.
The Greenbrier finished second with over $280,000 in revenue. This is about $50,000 more than last week.
Both The Greenbrier’s retail book and online apps were in the black, with the mobile platforms earning nearly $250,000.
Mountaineer placed in a distant third with revenue of around $20,000. This was a decent recovery after losing about $28,000 a week ago.
Mardi Gras Casino also bounced back after losing money. Its sportsbook earned over $12,000, while Wheeling Island made around $8,000 for the second straight week.
Here’s how the WV sportsbooks rank for revenue:
- Hollywood Casino ($457,382.53)
- The Greenbrier ($283,753.15)
- Mountaineer Casino ($21,194.02)
- Mardi Gras Casino ($12,465.30)
- Wheeling Island ($8,079.01)
On the board for WV Sportsbooks
WVU broke its second three-game losing streak of the year with a much-needed victory on Tuesday night. The Mountaineers solidified their 20th win with a tough six-point triumph on the road at Iowa State.
The victory stops the bleeding for now and should secure coach Huggins’ squad in The Big Dance. After looking so promising in the opening months, WVU is projected to receive a No. 7 seed.
Unfortunately, it will be difficult for WVU to improve on that in its season finale. It hosts No. 4 Baylor on Saturday afternoon.
Sportsbooks don’t have odds for this game released yet, however, ESPN’s Basketball Power Index gives WVU around a 57% chance of winning.
March Madness Odds
The college basketball regular season is coming down the stretch as teams finish up their last regular-season games. Selection Sunday is on March 15 and everyone must win as many games as possible in order to boost their résumés.
At the moment, the following teams are the favorites to reach the Final Four, according to DraftKings Sportsbook:
- Kansas -134
- Baylor -125
- Gonzaga -125
- Duke +200
- Dayton +275
- Louisville +300
- Maryland +300
- Florida State +400
- Kentucky +400
- Michigan State +400