WV Sports Betting Revenue Rallies With Best Week Ever
West Virginia’s sports betting market experienced a setback during the initial two weeks of November. However, a remarkable third week of revenue has propelled the state’s two sportsbooks back into profitability, breaking previous records.
Since sports betting began in early September, West Virginia sportsbooks have reported their largest revenue figure yet, amounting to $555,706.25 in the week of Nov. 17.
Between November 3 and November 16, the sportsbooks at Hollywood Casino Charles Town and the Greenbrier Resort experienced losses exceeding $400,000. However, the record-breaking take managed to compensate for these losses.
At present, West Virginia has achieved a modest profit for its endeavors in the eleventh month of the year. Nonetheless, a more thorough examination of the figures uncovers additional realities concerning the market.
So far, Hollywood is driving the bus
There is a significant contrast in activity and returns between the two West Virginia sportsbooks. The difference in volume between them is quite notable, making them incomparable.
The largest casino in the state, Hollywood Casino Charles Town, is also leading the way with its sportsbook. The majority of the state’s sportsbook revenues come from the returns generated by the casino’s sports betting operation.
Despite a slight gain at the Greenbrier, West Virginia experienced a loss in the first week of November. The revenue generated from activities at the exclusive Greenbrier casino amounted to approximately $10k, significantly lower than the $220k deficit observed at its Charles Town rival.
However, it is worth mentioning that Hollywood Casino Charles Town has also contributed to the overall gains for November. Conversely, the Greenbrier has experienced a loss of $8,100 in November 2018.
The launch of the other three should change the equation
The upcoming launch of the William Hill Sportsbook at Mountaineer Casino on November 21 will bring a significant change to the landscape of sports betting in West Virginia. This marks the end of the era where only two sportsbooks were available in the state.
Situated at the utmost northern point of West Virginia, The Mountaineer is a casino that enjoys a rather secluded location, far removed from the rest of the state.
Nevertheless, the Mountaineer is conveniently located less than 50 miles away from Pittsburgh, Pennsylvania, which boasts a population of 300,000 residents. Consequently, should Rivers Casino experience positive developments in its sports betting offerings, it is plausible that certain Pittsburgh residents may opt to make the trip westward to partake in their desired sports betting activities.
Mardi Gras Casino and Wheeling Island, the other two casinos in West Virginia, are expected to have their own sportsbooks operational in the near future. Delaware North, their parent company, has notified the state about a slight delay in the launches. However, it is inevitable that the Mountain State will soon have a total of five sportsbooks.
Once this happens, Hollywood’s dominant hold on the market is expected to diminish as people will start frequenting the nearest casino available to them.
There is a possibility that all five casinos will launch an online sportsbook, although it is uncertain how many will actually do so. Based on the situation in New Jersey, it is plausible that the online market could surpass the land-based one in size.
The revenue numbers up until now are indeed captivating, but it is highly probable that they will undergo significant changes soon. Keep yourself updated.