West Virginia Sportsbooks Handle Hits $43 Million In March

Contrary to the usual trend of high betting activity in March, West Virginia sports betting did not witness the same level of engagement.

According to the West Virginia Lottery, the total handle for the weeks ending in March amounted to around $43.1 million. Although this figure reflects an 8.3% growth compared to February’s $39.8 million, it represents a decline of 22.6% from the approximately $48.5 million recorded in March 2024.

The data collected for this period ranges from February 26 to March 25. Any bets made during the week leading up to the Final Four matchups on April 1 will be included in the records of the following month, making them indistinguishable from bets placed on the first day of that month.

Handle is down, but revenue is up

Sportsbooks returned $38.8 million to bettors out of the $43.1 million wagered, resulting in a total revenue of $4.2 million with a hold of 9.9%. The state collected almost $421,000 in taxes, equivalent to 10% of the total revenue.

In direct comparison to last year’s meager 5.6% hold, March’s hold this year presents a stark contrast. It was the second-worst hold recorded in 2024. Despite experiencing a considerably lower handle in March 2024, there was a remarkable 35% year-over-year increase in revenue. March 2024’s revenue of $3.1 million was surpassed by this year’s earnings.

In the first quarter of 2024, March stood out with the second highest handle and the most impressive sports betting revenue compared to any other four-week period.

• In March, there was a handle of $43.1 million and a revenue of $4.2 million.
• In the month of February, there was a handle of $39.8 million and a revenue of $2.8 million.
• In January, there was a handle of $44.8 million and revenue of $3.7 million.

March Madness wagers declined in second weekend

The sports betting activity experienced a steady increase during the first half of March, reaching its peak on Saturday, March 18th, coinciding with the commencement of the March Madness basketball tournaments’ first two rounds.

The data for the week ending on March 25 does not include the last two Elite 8 matchups. It also represents the lowest handle of any seven-day period in the month. However, sportsbooks experienced their most profitable week percentage-wise, with a 13.8% hold.

The data below illustrates the weekly information for different time periods.

• From February 26th to March 4th, there was a handle of $10.7 million and a revenue of $697K.
• From March 5th to March 11th, there was a handle of $11.1 million and a revenue of $441,000.
• From March 12th to March 18th, there was a total handle of $11.9 million and a revenue of $1.8 million.
• The handle for the week of March 19-25 amounted to $9.4 million, generating a revenue of $1.3 million.

Greenbrier overtakes Charles Town for the top spot

During the month of March, The Greenbrier and Charles Town, the leading license holders in West Virginia, were responsible for approximately 90% of the total handle and revenue.

With approximately $19.9 million handled and $2.1 million in revenue (10.8% hold), The Greenbrier has regained the top position for the first time since August 2024.

Charles Town had a handle of $19.1 million, which was comparable to The Greenbrier’s figures. However, due to its 8.8% hold, Charles Town generated $1.7 million in revenue, which was approximately $457K less than The Greenbrier.

Despite having the lowest hold (7.8%) of any licensee, Mountaineer managed to finish third with a $2.5 million handle and generated approximately $198K in revenue.

Mardi Gras and Wheeling Island both generated similar amounts of revenue, approximately $834K and $796K respectively. However, Mardi Gras outperformed with a revenue of around $114K, thanks to a state-leading hold rate of 13.6%. Meanwhile, Wheeling Island’s revenue reached approximately $70K with an 8.8% hold.

Once again, mobile betting reigned supreme, accounting for a staggering $38.3 million in wagers, while the remaining $4.8 million was collected by retail sportsbooks.

2024 looks to be a down year for WV sports betting

Sports betting numbers for the first quarter of 2024 have decreased, and there seems to be no indication of improvement. Despite the Final Four occurring in April, which typically marks the beginning of a five-month lull in activity.

The upcoming significant occurrences leading up to football season consist of the NBA and NHL playoffs, MLB regular season, and a variety of golf tournaments. However, these events are insufficient to rival football’s popularity, particularly as people allocate their summer budgets towards vacationing and engaging in warm-weather activities.

Will numbers bounce back in the autumn? In the past two years, January’s performance has been consistent with the monthly averages from September to December. However, there has been a significant decline of over 30% year over year in January’s results.

By both measures, the four months following March exhibit a performance that surpasses it by approximately 10%. However, during the autumn season, one or two months are expected to yield handles below $50 million.