West Virginia Online Casinos Take A Dip; Still Producing Solid Revenue Numbers
West Virginia online casinos had another successful month in their short history.
In October, online casinos in West Virginia betting handle exceeded $53 million.
Although this wasn’t quite as much as last month, it was probably the most consistent four weeks. With online casinos now live for a total of four months, figures are starting to find a weekly median.
In the last three weeks, online casinos accepted about $12.7 million, $12.5 million and $12.8 million.
After a few weeks with volatile results, it’s possible that the market is starting to settle in for the time being.
The combination of DraftKings WV Casino and BetMGM Casino WV has produced a state sports betting boom since launching. The online casinos have taken in the following handles in their first four months in the state:
- July: $37 million
- August: $45 million
- September: $61 million
- October: $53 million
They’ve accepted at least $10 million in wagers for 11 straight weeks.
There’s no question that online casinos in WV are popular. They’re generating a lot more activity than the state’s online sportsbooks did at the time of launch, and in general.
WV online sports betting hasn’t surpassed $7 million in each of the past three weeks.
Online casinos are also earning plenty of revenue.
Together, they made almost $1.6 million in profits for the month of October. These results were consistent, too.
Online casino revenue hit at least $340,000 every week. DraftKings and BetMGM’s best showing was the week of Oct. 31, when the casino apps made over $470,000.
In total, online casinos are approaching $200 million in bets and $5 million in revenue in just a few months.
As the current platforms continue to expand their game libraries and new apps debut in the state, online casino betting figures should keep increasing.
WV online casino handle
Online casinos had their best performance during the first week of October. They saw more than $15 million in bets for the week ending Oct. 10.
Despite decreases in two consecutive weeks following that, it actually jumped up about $400,000 in the most recent week.
DraftKings Casino is pacing the WV market. This is due in large part to the fact that it was the first online casino available in the state.
With a six-week head start, DraftKings was able to grab a good portion of the customer base and hold onto it. The app entered the market under a license from Hollywood Casino.
In October, DraftKings totaled nearly $38 million in betting handle, about 71% of the state’s entire figure.
The Greenbrier’s online casino, BetMGM, was around the $4 million mark in each week of the month. It took in about $15.5 million in wagers in October.
While BetMGM is lagging slightly behind DraftKings’ production, it is on the right track.
The online casino saw its handle increase by around $1 million for the week of Oct. 24, then another $200,000 this last week.
On the other hand, DraftKings’ handle has been a little more irregular of late. It fell by over $1 million two weeks ago but then recovered with an increase of almost $200,000.
Although October’s figures were down compared to September, there’s not much reason to believe handle will drop again.
As mentioned, both existing casino apps are consistently improving their product. DraftKings actually just expanded its online deal with the game provider NetEnt, and will soon see a new influx of exciting titles.
These additions, along with the possibility that another online platform like FanDuel Casino could go live, should make it a bright future for WV online casino betting.
WV online casino revenue
On top of having a solid month in terms of betting handle, the Mountain State did well in earning revenue, too.
The almost $1.6 million in overall revenue in October equates to around $200,000 in funding for the state.
Although online casinos took in $8 million more in bets in the month prior, revenue figures weren’t all that far off.
In September, online casinos fell just shy of $1.8 million in earnings. This difference of only a little over $200,000 means October was very advantageous for online casinos.
Since DraftKings led the way by so much in regard to online handle, it naturally grossed more profits during the month. However, the revenue split was a lot less one-sided than one may think.
Over the course of the four weeks, DraftKings made nearly $990,000. It earned more than $200,000 three times, including over $275,000 for the week of Oct. 31.
Surprisingly, BetMGM generated almost $600,000 in revenue itself.
In spite of only accounting for 29% of the handle, the online casino’s revenue is close to 38% of overall earnings.
BetMGM made at least six figures in every week of the month. Its best week came in the final one of October when its revenue was more than $190,000.
Through the first four months of online casino betting, revenue reports have been inconsistent.
Online casinos made over $800,000 in the first month, but then followed that up with just about $400,000 in August.
The following month increased back up to $1.8 million, before setting in at $1.6 million in October.
Similar to the state’s handle, there isn’t a plausible reason for revenue to dip in November. Even if there aren’t any new additions to the online casino market, it’s likely there’s more betting, which should translate to added revenue.