Fit For A King: DraftKings Casino Takes Over $16 Million In Wagers In First Weeks
The online casino industry in West Virginia thrives and flourishes.
DraftKings WV Casino has managed to achieve quite impressive casino revenue figures in just a span of two weeks.
In the initial two weeks of gambling, West Virginia’s premier online casino received an impressive sum of over $16 million in wagers. The statistics provided in this report encompass the online gaming data for the weeks concluding on July 18 and July 25.
DraftKings seamlessly ventured beyond its online sports betting app to introduce casino gaming. Users can access the online casino via the DraftKings WV Sportsbook or opt for a separate standalone casino app.
On July 15, the mobile casino platform was launched in WV, available for iOS and Android devices.
While residents can now visit retail casinos within the state, the expansion of online gambling was still deemed necessary. Although people enjoy spending time at casinos, the unmatched convenience of placing bets from a mobile device is highly sought after.
The rise of sports betting in West Virginia and across the nation has shown that people have a preference for betting on their mobile phones. Although online casinos may not reach the same level of success as popular physical establishments, their increased traffic will undoubtedly be beneficial.
The timing couldn’t be better for the state with the introduction of casino apps. With the closure of casinos and various businesses due to COVID-19, the WV Lottery is seeking additional sources of revenue. In the event of another shutdown in the near future, online casinos could prove even more essential.
In order to analyze the initial two weeks of online gambling using DraftKings, let’s examine the statistical data of casino activities and compare it with sports betting.
Our weekly national online casino and sports betting news program, PlayUSA to Z, mentioned the impressive numbers.
WV Online Casino Handle
The initial revenue report from the DraftKings Casino in WV is encouraging, given that it is the only available option for online casino betting and has only been in existence for two weeks.
During the initial week, DraftKings accumulated a sum of $6,922,406 through online casino wagers.
In the course of the second week, the mobile app accumulated a total of $9,447,611.30.
The growth between the weeks is even more exciting than the figures themselves. Comparing to July 18, the wagered amount in the second week increased by 37%, reaching an impressive sum of nearly $9.5 million.
Naturally, as an online casino operates for a longer duration, its popularity will inevitably grow. Betting apps struggle to gain momentum until they successfully inform gamblers in the state about their existence.
In the upcoming weeks, DraftKings can anticipate a further increase in figures.
Although this small sample size appears promising, it is evident that online casinos in WV still have a long way to progress.
The online casino of DraftKings in NJ contributed to the Resorts in Atlantic City generating nearly $16 million in casino revenue in June. However, it might take a while for the WV online casino to achieve similar numbers.
During their debut, online casinos in WV outperformed online sportsbooks by a significant margin.
Within the initial fortnight of online sports betting through DraftKings and FanDuel Sportsbook, the cumulative amount wagered surpassed $2.7 million.
Online gambling in West Virginia may have a promising future, as DraftKings Casino generated a staggering $16 million within just two weeks of its launch.
WV Online Casino Revenue
The revenue generated from the initial two weeks of online casino gaming exhibited commendable performance.
DraftKings’ profits from casino bets amounted to $345,579.95 overall. Similarly, revenue witnessed growth during the initial two weeks, much like the handle figures.
After launching the app, DraftKings earned $139,171.75 in revenue during its first week. However, the following week of July 25 saw a significant increase, with earnings reaching $206,408.20. This represents a remarkable 48% surge in revenue over the first two weeks of its app launch.
Assuming this trend persists, the online casino’s earnings are projected to reach approximately $300,000 next week and increase to $450,000 the subsequent week.
In total, the earnings for the initial month of online casino gambling would amount to approximately $1.1 million.
When comparing DraftKings Casino to online sportsbooks, one can observe a significant amount of optimism surrounding its performance.
Revenue for online casinos during the initial two weeks of operation surpassed that of other establishments.
DraftKings Casino surpassed FanDuel and DraftKings in sports betting revenue by approximately $45,000.
In the near future, WV can expect a substantial influx of funds for its state budget if online casino betting continues to thrive.
WV Online Casino vs. Online Sportsbooks
In a span of only two weeks, online casino gambling has emerged as the preferred choice over sports betting, as indicated by the betting figures.
During the same previous two weeks, mobile casino bets surpassed the total handle of sports betting, amounting to $16.3 million. Sportsbooks, on the other hand, received approximately $6.6 million in total handle during that period.
Even though retail casinos are operating at only 50% capacity, online platforms remain accessible. With the return of several major sports, sports betting is gradually regaining momentum.
Despite entering the market recently, the single online casino managed to outperform the three online sportsbooks.
Over the past two weeks, the combined sports bets placed on DraftKings, FanDuel, and BetMGM Sportsbook WV amounted to approximately $4.8 million.
However, sportsbooks managed to generate higher revenue.
Over the span of two weeks, sports betting generated over $730,000 in revenue, surpassing the $345,000 generated by online casinos.
On the other hand, the distribution of online betting was significantly more evenly divided.
In the past two weeks, online sportsbooks generated a revenue of just over $450,000, surpassing DraftKings Casino by a margin of approximately $105,000.
It appears inevitable that additional online casinos will soon emerge in WV. Consequently, the revenue generated by mobile casino apps is expected to surpass that of sports betting, making it the primary focus.
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