West Virginia Sports Betting

WV Sports Betting Suffers Its Biggest Weekly Loss Since Launch

The big news in West Virginia sports betting revenue report this week is the drastic drop in revenue reported across the board.

In fact, WV sportsbooks posted the most significant weekly revenue loss since its launch. It is only the third time that revenue dipped into negative territory.

The significant losses are surprising even though revenue is more volatile for short periods of times.

The report includes activity from Jan. 26-Feb. 1, 2019, for all five WV sportsbooks:

BetLucky Sportsbook is the only WV mobile sports betting app. It provides online sports betting for Mardi Gras and Wheeling Island casinos. It’s revenue figures are rolled into each of the casinos.

Let’s take a closer look at the numbers.

WV sports betting summary

Here are the latest figures for the industry since WV sports betting revenue tracking began in August 2018:

  • Handle: $64,234,318.58
  • Revenue: $7,350,175.20
  • Taxes: $735,017.61

The week of Jan. 26, 2019, saw overall handle fall 4 percent to $3,983,320.44 when compared to the previous week.

As mentioned, the big news is the revenue number. Total revenue took a deep dive into negative territory to $-292,866.91. That is a 156 percent decrease when compared to last week.

We expected big handle and revenue numbers this week as bets for the Super Bowl were collected and lower figures next week as bets were paid out.

So, the massive deficit is slightly confusing. Again, remember weekly figures are susceptible to more volatility.

We contacted all five WV sportsbooks for comment. At the time of publication, we have not received any replies. We will update the story as warranted.

WV sports betting revenue for the week of Jan. 26, 2019:

CasinoHandleMobile Sports Betting RevenueRetail Sports Betting RevenueTotal RevenueTaxes (10%)
Hollywood Casino$2,093,635.43N/A$-111,987.37$-111,987.37$-11,198.74
Mountaineer Casino$433,281.65N/A$-116,050.75$-116,050.75$-11,605.08
The Greenbrier$151,588.75N/A$-54,169.50 $-54,169.50 $-5,416.95
Mardi Gras Casino$757,514.22$-11,456.33$-19,083.00$-30,539.33$-3,053.93
Wheeling Island Hotel$547,300.39$17,641.69$2,238.35$19,880.04$1,988.00
Total$3,983,320.44 $6,185.36 $-299,052.27$-292,866.91 $-29,286.70

A closer look at WV sports betting handle

A decline in handle is a surprise during the week leading into the Super Bowl. And while 4 percent isn’t huge, it is still notable considering its timing.

Wheeling Island and Mardi Gras are the only two sportsbooks that saw an increase in handle compared to last week. It is likely no coincidence that they also happen to be the only sportsbooks that have an online sports betting option.

Even so, both books are a long way from unseating the undisputed leader in the space, Hollywood Casino. In fact, looking at the ranking by handle, all five sportsbooks stayed in the same position as they were last week.

Here’s how the WV sportsbooks rank regarding handle:

  1. Hollywood Casino ($2,093,635.43)
  2. Mardi Gras Casino ($757,514.22)
  3. Wheeling Island ($547,300.39)
  4. Mountaineer Casino ($433,281.65)
  5. The Greenbrier ($151,588.75)

A closer look at WV sports betting revenue

Wheeling Island moved from fourth place in revenue last week to first place this week. It is the only sportsbook to finish the week in positive territory.

Wheeling Island is also the only sportsbook to remain in positive territory since it launched.

Mardi Gras jumped up a spot coming in with the smallest loss of the remaining books. Again, it is hard not to speculate that mobile sports betting has something to do with Wheeling Island’s and Mardi Gras Casino’s performance this week.

Hollywood Casino, finds itself in unfamiliar territory as it settles into fourth place with a six-digit loss. Mountaineer posted its first weekly revenue loss since its launch. Unfortunately, it was a big one.

Greenbrier fell in the middle this week. It posted the largest loss of its history, with four losing weeks overall.

Here’s how WV sportsbooks rank regarding revenue:

  1. Wheeling Island ($19,880.04)
  2. Mardi Gras Casino ($-30,539.33)
  3. The Greenbrier ($-54,169.5)
  4. Hollywood Casino ($-111,987.37)
  5. Mountaineer Casino ($-116,050.75)

Next week’s report will include the big game. The Super Bowl will likely have an impact on revenue. The big question is how much of an impact. Check this space next week as we break it down.

About

Kim Yuhl has over five years of experience writing about poker culture, the online gambling industry, and more recently, the legalization of sports betting.