West Virginia Sportsbooks Rebound With Skyrocketing March Revenue

April 14, 2021

Posted in: US Sports Betting News, West Virginia Gambling News

West Virginia improved its sports betting performance in March, with a handle of nearly $43 million and a whopping sportsbook revenue of $3.9 million. According to the figures released by the West Virginia Lottery Commission, the March handle was a $5 million increase from February which brought $38 million in total bets. However, it was the sportsbooks revenue that stole the limelight for the West Virginia industry with a 250% jump month-over-month, completely eclipsing February’s revenue of $1.36 million. This is also a stark increase of over 300% from March 2020s $1.1 million in revenue.

Handle by Operator

Hollywood Casino with its partner DraftKings Sportsbook led the Mountain State industry in March, with over $17 million in monthly sports betting handle. On average, the duo took in at least $3.9 million every week, with DraftKings mobile sportsbook app recording at least $2.5 million of this total each week. The Greenbrier along with its sportsbook partners FanDuel and BetMGM claimed the second spot by contributing a combined monthly handle of $14 million.

Mountaineer Casino posted $9 million in March, surprising many and claiming the third spot. Mountaineer Casino’s March handle was more than the combined handles of the previous two months, thanks to William Hill’s whopping bets on NCAA Tournament. Mardi Gras Casino drew $1.6 million worth of bets to claim the fourth spot in West Virginia sports betting.

Revenue Detail

Although the increased handle was a huge success, West Virginia sports betting revenue was the talk of the town. It skyrocketed to $3.9 million with a 250% increase from February. During the four-week span, the Mountain State’s sportsbooks crossed the $1 million threshold for revenue twice. The month’s highest week was March 20, which generated nearly $1.4 million, whereas digital sportsbooks had their best week beginning March 27, making around $950,000 for the week.

Hollywood Casino-DraftKings combination led in revenue with $2 million, almost equally spreading through the retail establishment and Boston-based online sportsbook’s profit. The Greenbrier came second by bringing in almost $1.4 million in revenue, with its retail sportsbook earning only $8,000 in March. The Mountaineer Casino posted operator revenue of around $430,000 to grab the third spot. Its online sportsbook made nearly $125,000, while Mountaineer’s retail venue drew more than $300,000.

Overall, online sportsbooks brought in nearly $2.6 million, where retail sports betting generated $1.3 million in revenue.

March Was Good, But Not Good Enough!

West Virginia sports betting follows a general boost after a stagnant February, which brought with it a 66% decline month-over-month thanks to fewer sporting options for bettors to choose from. March Madness was bound to put US sports betting on its progressive track. As one of the most eventful sports events of the year, the state bettors wagered $10.3 million during the tournament’s first week, ending March 20. Nearly $7.3 million of the weekly handle came through mobile sports betting.

However, while a relative improvement in overall sports betting figures in March is a good sign, the West Virginia market is yet to show its optimal performance witnessed a few months ago. The Mountain State’s handle crossed $50 million in monthly handle in January and more than $53 million in December 2020. So, the March figures are still $10 million behind the state’s current monthly record and the handle needs to show further improvement in the coming months. Still, March was still a wonderful month for West Virginia sportsbooks.