Despite a losing Super Bowl week in the Mountaineer State, online sports betting operators still pulled off a solid February.
Counting retail sportsbooks, West Virginia generated $38.8 million in overall handle, down 16.4% from January. Revenue of $3.7 million, according to figures released by the West Virginia Lottery, dropped 37.9% month-over-month.
However, mobile sportsbooks hauled in over $3.8 million on a hold of 11.1%, which wasn’t that far off from the 13% overall win rate recorded in January.
The Mountaineer State took in $10.8 million during the Super Bowl week and recorded a small loss of around $3,700. Many sportsbooks around the U.S. struggled after the bettor-backed underdog Kansas City Chiefs beat the San Francisco 49ers outright.
A drop in wagering, despite such a huge event like the Super Bowl, was expected during a month with just one NFL game. The handle in January was lower than in December in a state that thrives on football interest.
The Mountaineer State hauled in $318,222 in tax revenue, down from $512,000 generated in January.
Better than 2023
February’s handle was up a modest 2.4% compared to the same month in 2023, but revenue spiked 34.3% year-over-year in a state that’s totaled nearly $10 million of profits in the first two months of 2024.
The 9.7% hold from online and retail combined is still 2.6 points higher than a year ago and nearly a point above the average since West Virginia sports betting launched in 2018.
Greenbrier partners pace online field
| Operator | February Handle | Revenue |
|---|---|---|
| The Greenbrier (FanDuel, BetMGM) | $16.5 million | $2.1 million |
| Charles Town (DraftKings, ESPN BET, Fanatics) | $16 million | $1.7 million |
| Mountaineer (Caesars, BetRivers) | $2.2 million | $92,000 |
| Mardi Gras (Betly) | $232,000 | $5,969 |
The Greenbrier’s partners, FanDuel and BetMGM, produced the highest February handle in West Virginia once again at $16.5 million. The online tethers weren’t able to equal January’s record revenue of $3.3 million as profits fell to $2.1 million.
Hollywood Casino at Charles Town’s trio of FanDuel, Fanatics, and ESPN BET wasn’t far behind at $16 million in wagers or with the $1.7 million in revenue as all five of those online sportsbooks combined for double-digit holds.
Mountaineer Casino, partnered with Caesars and BetRivers, barely got above a 4% hold on a handle of $2.2 million.
Retail down, iGaming up
Bettors took it out on brick-and-mortar shops in the Mountaineer State. Retail operators combined to lose nearly $150K on a handle of $3.8 million. The Greenbrier alone lost over $144,000 while Wheeling Island Casino also finished in the red by nearly $100K.
Online casinos continued to be a boom for West Virginia as revenue of $17.4 million set a new state record. Up from January’s revenue of $14.9 million, seven iGaming operators combined to send the Mountaineer State over $2.6 million in tax revenue.
