As expected, West Virginia has witnessed a boom in sports betting handle for the month of July, thanks to the ten percent on betting revenue.
With the return of sports in July, many experts had been predicting the surge in the betting industry.
Recently, West Virginia has published its numbers, which have grown consistently since the return of pro sports last month. Indeed, it a significant sign of the gambling industry in the state.
West Virginia Betting Revenues in July
Undoubtedly, July has recovered significant revenues following months of inactivity in sports betting due to the pandemic. Moreover, the betting handle also increased last month as the sports continued to return with more and more games being offered. The bettors could clearly be seen overjoyed by the return of pro sports and seemed eager to place wagers.
With the West Virginia Lottery releasing its official figures, the mobile sports betting has turned out to be the actual winner that served as the epicenter of betting activity in the month of July.
By the second week of July, mobile sports betting saw double the amount of the preceding week. The second week totaled $2.6 million, including $2 million alone from mobile sports betting.
The state’s July share in tax revenue accounted for approximately $133,777 out of the $15.8 million total West Virginia sports betting handle. During these critical times for the country, tax revenue from sports betting has been a great support for the state.
However, the betting activities among residents remained unstable throughout the month. For instance, at the beginning of July, there were limited options for bettors to select from besides UFC and NASCAR events. However, things changed in the following week when MLB came back to action, drawing solid numbers with West Virginia enthusiasts.
What does This Trend predict About August?
While all this augurs well for July, sports experts are now viewing August as a month that should repeat the identical growth. Initial reports suggest that interest has been stable. With the coming back of the NBA, gambling has continued to follow the same trends.
If the growth patterns continue, West Virginia will be on the path to mint millions of dollars in the form of revenues each year. In other words, this market will prove to be a profitable stream of cash, which was one of the most significant aspects of legalizing sports betting in the state.
The NFL Could Gear Up Things Further
As the fall is approaching, the NFL seems to be the most likely the next big even for WV that could gear up betting activity further. If it starts according to its schedule, pro football will be increasing in wagers and total betting handle.
The NFL is the most popular sport in the US to bet on, and state lawmakers are optimistic for even greater industry success.