The West Virginia sports betting market is better than ever. After adding a third online sports betting app to the mix, Mountain State sportsbooks accepted over $10 million in wagers for the first time.
The state’s overall betting handle hit a respectable $8.8 million for the week of Feb. 1 but jumped up about $1.5 million the following week. While WVU Mountaineers basketball betting has been consistent all winter, Super Bowl wagering led to WV’s new record handle.
Along with the launch of BetMGM WV, the reopening of two retail sportsbooks certainly helped figures as well. Both Wheeling Island and Mardi Gras Casino started accepting bets before the NFL’s Super Bowl.
Online sportsbooks outperformed retail locations during both weeks. While the mobile apps took in about $900,000 more for Feb. 1, online platforms’ handle was over $3.5 million more the next week.
For the week of Feb. 8, WV online sports betting apps combined for over $6.9 million in wagers. The five active retail sportsbooks in WV accounted for about $3.4 million in handle.
The $6.9 million in online bets is by far the most in the state. Sportsbooks had only reached around $5.3 million twice previously.
As far as revenue figures are concerned, the month has had two very different weeks. Books generated over $1.4 million in revenue the first week but lost more than $2.2 million for Feb. 8.
Even though NFL betting is officially done, the XFL and college basketball betting has helped pick up the slack. With only a few weeks left in the regular season, March Madness is just around the corner as well.
This week’s report includes activity from Jan. 26 – Feb. 1 and Feb. 2-8 from these WV sportsbooks:
- Hollywood Casino Sportsbook and DraftKings Sportsbook
- The Greenbrier with FanDuel Sportsbook and BetMGM Sportsbook
- Mountaineer Sportsbook
- Mardi Gras Sportsbook
- Wheeling Island Sportsbook
WV sports betting revenue highlights
The following are the key takeaways from the Feb. 1 and Feb. 8 figures:
- Overall handle tops $10 million mark
- Mobile betting advantage a sign to come
- Super Bowl betting impacts revenue both weeks
The combination of Super Bowl wagering and three new sportsbooks led to the state’s highest handle to date. After only reaching $9 million in bets once prior, WV sportsbooks accepted nearly $10.3 million for Feb. 8.
This is over $800,000 better than their previous best set on Nov. 30.
While Super Bowl betting would have lifted figures by itself, the release of three new sportsbooks had a significant impact, too.
Although online sportsbooks have been accepting more bets of late, they haven’t outperformed retail locations like this before. The mobile platforms took in over $6.9 million, or 67% of the total.
This figure is about 10% higher than its December average.
With a third online option available, it won’t be surprising to see mobile betting continue to own more of the market share. WV is still far away from the more than 80% that online betting accounts for in the Garden State.
Aside from gameday experiences for WVU and the NCAA Tournament going forward, online apps should keep seeing the bulk of the action.
Despite a consistent handle, revenue figures were very hot and cold. Super Bowl wagering and futures could help explain the discrepancy.
Since a lot of bettors place bets on the big game during the week leading up to Super Bowl Sunday, sportsbooks’ revenue could have been boosted that week. Any wager placed before Feb. 2 would have counted toward the over $1.4 million in earnings for the week of Feb. 1.
That being said, a negative $2.2 million for the week after probably includes a lot of bets placed before the week of Feb. 8. Super Bowl props, wagers, and even futures from the start of the year would have cashed as part of the massive red figure.
Overall, sportsbooks should view the two as a combined week that includes every Super Bowl bet. They lost about $775,000 for the two weeks.
Of course, this isn’t a great sign, but a few sizable wagers on the Chiefs for the game and before the season could have paid out a substantial amount.
WV Sports Betting Summary
- Handle: $326,998,436.73
- Revenue: $27,119,684.88
- Taxes: $2,711,968.48
Sports betting was slightly down for the week of Feb. 1; however, it jumped up significantly on Feb. 8. Betting figures fell 1% to a total of $8,855,401.50 but then increased 16% to a handle of $10,291,644.79.
Revenue figures were much more up-and-down. Sportsbooks earned $1,448,084.20, a 700% rise in revenue from the previous week, but then lost $2,221,972.43, a 253% decrease.
A Closer Look At WV Sports Betting Handle
The handle breakdown will consist of the betting figures from the last two weeks.
Hollywood Casino led all others with almost $10.9 million in wagers. Its sportsbook has now accepted at least $5.3 million in bets for six consecutive weeks.
Hollywood’s DraftKings app just beat out its retail sportsbook over the two weeks. They split the two weeks, with the online sportsbook seeing about $250,000 more in action in total.
DraftKings set its new best with a handle of nearly $3.3 million for Feb. 8.
The Greenbrier finished second with two productive weeks. After accepting more than $2.7 in bets, its sportsbook set a new record with a handle exceeding $3.8 million.
Its release of BetMGM only enhanced The Greenbrier’s online presence with FanDuel already in place. Overall, the online sportsbooks took in $6.2 million, or 96% of the total.
The $3.6 million this most recent week is about $1 million more than its previous mobile high.
Mountaineer Casino finished third with around $1.5 million in handle. Despite not having an online platform, its sportsbook still managed to get at least $720,000 in wagers during both weeks.
Mardi Gras and Wheeling Island made their returns to the WV market and didn’t do terribly. Combined, they accepted around $300,000.
Here’s how the WV sportsbooks rank for handle:
- Hollywood Casino ($10,866,654.85)
- The Greenbrier ($6,512,457.35)
- Mountaineer Casino ($1,467,187.99)
- Mardi Gras Casino ($178,206.10)
- Wheeling Island ($122,540.00)
A Closer Look At WV Sports Betting Revenue
This two-week revenue breakdown looks a lot different than usual. Mardi Gras Casino led all others with just about $45,000 in revenue. Its sportsbook finished in the black in each of its first two weeks back on the market.
Since all of the active sportsbooks for the duration of the NFL season lost so much money due to end of season futures, the two newly reopened books took advantage in the rankings.
Wheeling Island finished second overall as the only other sportsbook with positive revenue. It earned $22,000 over the two weeks.
The Greenbrier came in third while losing around $134,000. Its sportsbook made over $109,000 for Feb. 1 but lost more than $243,000 the next week.
Mountaineer lost over $150,000 for the two weeks. After earning almost $192,000, its sportsbook lost around $345,000 for Feb. 8.
Hollywood finished in last by losing over $550,000 in total. This marks the second time since October that its sportsbook lost at least $1.2 million the week after it’s earned $1 million.
Both its retail and online books made a profit for the week of Feb. 1 before losing money on Feb. 8.
Here’s how the WV sportsbooks rank for revenue:
- Mardi Gras Casino ($44,638.59)
- Wheeling Island ($22,085.74)
- The Greenbrier (-$133,698.81)
- Mountaineer Casino (-$152,836.75)
- Hollywood Casino (-$554,077.00)
On the board for WV Sportsbooks
The WVU Mountaineers finally broke their three-game losing streak with a victory over the Oklahoma State Cowboys on Tuesday. The win moves WVU to 19-7 overall and into fourth place in the Big 12 Conference.
While this latest win was huge, WVU hurt its March Madness stock over the last week or so. Failing to beat Kansas or Baylor will affect the Mountaineers’ seeding come the NCAA Tournament.
Regardless, coach Huggins’ team is on track to still have a decent seed come the Big Dance. They will have to continue earning wins, though, with just a few regular-season games remaining.
The Mountaineers’ next game is on the road at TCU on Saturday. WVU won by 32 in their January matchup. According to ESPN’s Basketball Power Index, the Mountaineers have a 75% chance of winning again.
The XFL concluded another exciting week of football, and the teams are starting to separate. Through two weeks, it’s clear that some are more talented and have started clicking a lot faster than others.
There are still plenty of games left in the regular season, but you can get in your XFL futures wager at any time. The following are the odds to win the championship according to DraftKings:
- DC Defenders +200
- Houston Roughnecks +225
- Dallas Renegades +650
- Louis BattleHawks +1000
- New York Guardians +1100
- Tampa Bay Vipers +1100
- Los Angeles Wildcats +1400
- Seattle Dragons +1400