What a crazy week it was for West Virginia sports betting. Despite generating the third-highest total handle since its launch, WV sports betting revenue set a new record low, down more than $730,000 for the week ending Feb. 9.
A large portion of these losses was due to the payment of Super Bowl futures. Evidently, many WV bettors had the New England Patriots taking home the Lombardi Trophy this year.
It is only the fourth time the revenue has dipped into the negative. The previous worst week was at the end of January when sportsbooks lost just under $300,000, most likely due to the payout of AFC and NFC championship futures.
After a huge week that included all the regular betting figures from the Super Bowl, the WV sportsbooks took a terrible turn in terms of revenue because of futures. Four out of the five WV casinos were in the negative.
This week’s report includes activity from Feb. 3-9 for all five WV sportsbooks:
- Hollywood Casino at Charles Town Races
- Mountaineer Casino, Racetrack & Resort
- The Casino Club at The Greenbrier
- Mardi Gras Casino & Resort
- Wheeling Island Hotel
BetLucky Sportsbook is still the only WV online sports betting app. It services the Mardi Gras and Wheeling Island casinos, and its revenue figures are included in its respective casino’s totals.
WV Sports Betting Summary
Here are the latest figures for the industry since WV sports betting revenue tracking began in August 2018:
- Handle: $73,588,561.30
- Revenue: $7,564,085.21
- Taxes: $756,408.62
The week of Feb. 9 saw overall handle grow by 2 percent to $4,731,512.99 when compared to the week prior.
Even with that encouraging news, the big story here is the major drop in revenue.
The total revenue fell into the negative with a total of $-730,155.66. This is a massive 177 percent decrease compared to the previous week.
Although weekly figures are susceptible to more volatility, this seemingly concerning report actually is not that bad. When combined with the profits from the week prior, the sportsbooks are still up more than $200,000 in total from the Super Bowl.
WV sports betting revenue for the week ending Feb. 9, 2019
|Casino||Handle||Mobile Sports Betting Revenue||Retail Sports Betting Revenue||Total Revenue||Taxes (10%)|
|Mardi Gras Casino||$1,106,504.40||$30,768.14||$-128,344.89||$-97,576.75||$-9,757.67|
|Wheeling Island Hotel||$716,695.48||$-5,230.77||$-18,785.25||$-24,016.02||$-2,401.61|
A Closer Look At WV Sports Betting Handle
Hollywood Casino continues to lead the pack every week in total handle. The WV sportsbook has not seen its handle dip below $2 million since September.
It does, however, have some competition now. Mardi Gras Casino saw its handle for the week top $1 million for the first time. Also notable is the casino has set a new record in handle each week since the sportsbook launched in late December.
Wheeling Island Casino also set a new high for handle. It’s now seen that figure increase in each of the last four weeks.
It’s becoming clear that having an online platform while no others currently exist is greatly benefitting Mardi Gras and Wheeling Island.
Here’s how the WV sportsbooks rank for the weekly handle:
- Hollywood Casino ($2,216,776.64)
- Mardi Gras Casino ($1,106,504.40)
- Wheeling Island ($716,695.48)
- Mountaineer Casino ($529,662.47)
- The Greenbrier ($161,874)
A Closer Look At WV Sports Betting Revenue
The revenue this week was a disaster across the board. The Greenbrier led all casinos because it was the only one to finish in the positive, even if it barely made it there.
Wheeling Island finished in second even though this is its first week ever coming in the negative.
Both Mardi Gras and Hollywood ended the week with their lowest total revenues to date.
Here’s how the WV sportsbooks rank for weekly revenue:
- The Greenbrier ($4,512.50)
- Wheeling Island ($-24,016.02)
- Mountaineer Casino ($-64,049.28)
- Mardi Gras Casino ($-97,576.75)
- Hollywood Casino ($-549,026.11)
March Madness In WV
With no major sporting events really happening until next month’s March Madness, expect handle figures to take a drop in the coming weeks.
Selection Sunday is now less than a month away, so start doing your homework in preparation for betting the NCAA Tournament.
As of Feb. 20, the BetLucky mobile app has the following odds to win the Men’s NCAA Basketball Championship:
- Duke +170
- Field +400
- Kentucky +750
- Gonzaga +800
- Virginia +800
- Tennessee +1000
- Michigan +1100
The complete list of odds is available on the BetLucky app.