Sports betting operators in the Mountaineer State are enjoying quite the run of high win rates.
The West Virginia Lottery reported May revenue of $3.4 million on a handle of $30.4 million, leading to an 11.3% hold. It’s the second consecutive month with a double-digit win rate following April’s 10.3%.
The hold reached 10% for the third time in the first four months of 2024 and the 20th time since mobile and retail wagering began combining to generate $11 million or more handles each month.
The lowest win rate this year was February’s 9%, which is still well above the industry average. Sportsbooks have hauled in more than $20 million year-to-date and 30% higher than the same quarter in 2023.
The Mountaineer State filled its coffers in May with tax revenue of $292,488, down slightly from April’s $301,854.
Relying on the pros
With high-action collegiate sports done until the fall, the NBA, NHL, and MLB, none of which are represented in the state, have to carry the load for West Virginia sports betting, where the summer slowdown begins early.
The May handle was down 11.8% compared to April. Revenue was down 3.1% month-over-month. The amount wagered in the Mountaineer State also fell 5% year-over-year while profits took less than a 1% fall from May 2023.
Greenbrier tops them all
| Operator | May Handle | Revenue |
|---|---|---|
| The Greenbrier (FanDuel, BetMGM) | $12.6 million | $1.8 million |
| Charles Town (DraftKings, ESPN BET, Fanatics) | $12.2 million | $1.3 million |
| Mountaineer (Caesars, BetRivers) | $2.1 million | $156,400 |
| Mardi Gras (Betly) | $214,700 | $21,600 |
Online sports betting accounted for $27 million of the total handle in May while bringing in 97% of the revenue.
The Greenbrier partners FanDuel and BetMGM generated a handle of $12.6 million and the most revenue as well at $1.3 million, thanks to a 14.5% hold.
DraftKings, ESPN BET, and Fanatics helped Charles Town cross $12 million in the amount wagered. A 10.6% hold led to $1.3 million in revenue, which was nearly identical to April’s haul on a handle that was more than $1 million higher.
Mountaineer Casino, which is partnered with Caesars and BetRivers, went over $2 million in wagers placed for the fourth time in 2024.
Retail bounces back
Retail sportsbooks made a decent rally in May after a rough April. The five brick-and-mortar shops combined to generate $3.3 million in handle and nearly $117,000 in revenue. Despite a $1.5 million handle, Charles Town paid out more than it brought in for May.
Online casino revenue of over $16 million remained fairly consistent compared to the previous month. iGaming profits are still down from the record-setting March total of $20.7 million.
