Legal sports betting operators enjoyed high win rates throughout the nation in July, and those in the Mountaineer State were no exception.
The West Virginia Lottery reported $2.8 million in revenue on a handle of $20.9 million, giving sportsbooks a healthy 13.2% hold in July. It marked the fourth consecutive month that the Mountaineer State produced a double-digit win rate.
Online sports betting generated a 12.6% hold after hauling in 85% of the state’s total revenue, while retail sportsbooks crushed bettors to the tune of a 19.2% win rate on a $2.1 million handle.
Hollywood at Charles Town led West Virginia’s five brick-and-mortar shops with a $1.3 million handle and a nearly 17% hold.
Despite a lesser sports calendar, July is generally a pretty good month for operators, which obtained a double-digit hold in the same month last year. The state average year-to-date is 11%.
The Mountaineer State filled its coffers with $234,741 in tax revenue for July as it nears $3 million year-to-date.
Missed opportunity
While the high hold was a welcomed sight for sportsbooks, it potentially could have been a more profitable month with better wagering options. MLB held its All-Star break, and the Olympics kicked off late in the month.
The July handle was down 37.6% month-over-month while revenue slipped 30.4% from June. The amount wagered year-over-year was nearly equal, but profits were up close to 10% from last July.
Charles Town for the rare win
| Operator | July Handle | Revenue |
|---|---|---|
| Charles Town (DraftKings, ESPN BET, Fanatics) | $8.41 million | $1.1 million |
| The Greenbrier (FanDuel, BetMGM) | $8.37 million | $1.1 million |
| Mountaineer (Caesars, BetRivers) | $1.7 million | $137,000 |
| Mardi Gras (Betly) | $294,000 | $22,000 |
It was an especially tight race between the two big online sports betting operators in July. Charles Town and its sportsbook partners DraftKings, ESPN BET, and Fanatics, just edged The Greenbrier’s FanDuel and BetMGM.
Charles Town generated a $8.4 million handle to The Greenbrier’s $8.4 million. It’s the first time in 2024 that FanDuel and BetMGM weren’t No. 1 in the amount wagered.
The two operators produced nearly identical revenue in July, just getting over $1 million, producing around 13% holds each.
Mountaineer, which is partnered with Caesars and BetRivers, went from a $2.5 million handle in June to $1.7 million in July but produced $35,000 more in revenue than the previous month.
iGaming makes big gains
Online casinos produced a whopping $19.1 million in revenue for July, a more than 75% year-over-year increase. iGaming profits were also up from June’s $18.5 million and about $1.5 million away from March’s all-time high.
The state hauled in more than $2.2 million in tax revenue from online casinos.
