West Virginia’s sports betting operators reached $50 million in handle in October, marking the first time the state has hit that mark since January. The Mountaineer State enjoyed an 18% year-over-year increase in action.
However, the October gross revenue didn’t match the uptick. The West Virginia Lottery reported a $50.3 million handle that online and retail sportsbooks used to haul in $4.6 million, down 25.6% from October 2023 and 35.9% from September.
The second month of football went more the way of the bettors as Mountaineer State operators saw their six-month streak of double-digit win rates end. The 9.1% hold fell drastically from September’s 15.3% despite an 8% handle increase while the year-over-year win-rate drop was over five points.
Despite a lesser October, West Virginia operators are closing in on $45 million in 2024 revenue, which is up more than 20% compared to the first 10 months of 2023.
The Mountaineer State filled its coffers with $387,618, down more than $200,000 from the previous month.
Operator duo takes first
| Operator | October Handle | Revenue |
|---|---|---|
| The Greenbrier (FanDuel, BetMGM) | $22.1 million | $2.3 million |
| Charles Town (DraftKings, ESPN BET, Fanatics) | $21.2 million | $1.7 million |
| Mountaineer (Caesars, BetRivers) | $2 million | $187,000 |
| Mardi Gras (Betly) | $241,000 | -$5,411 |
The online operator duo of FanDuel and BetMGM helped their partner take in $22.1 million in wagers. The Greenbrier edged Charles Town’s DraftKings, ESPN BET, and Fanatics by less than $1 million in handle during October.
However, a double-digit hold helped FanDuel and BetMGM haul in a combined revenue of $2.3 million. Charles Town’s trio produced a hold below 8%, leading to $1.7 million in profits.
Mountaineer’s partners Caesars and BetRivers generated $2 million, up slightly from the previous month. A 9.2% hold was still a solid win rate, but that duo’s $187,000 in gross revenue was down nearly 25% from September.
Mardi Gras’ Betly went from a $28,000 gain in September to a $5,400 loss in October as bettors lowered the hold to -2.2%.
Retail hold plummets
Retail West Virginia sports betting accounted for 10% of the total handle in October, and the $4.8 million wagered in person was nearly identical to September.
The hold was not. An operator-friendly September produced a whopping 21% win rate, which fell to 8.1% in October. The $386,000 in gross revenue was down from the $1 million recorded in the previous month.
Charles Town led all brick-and-mortar sportsbooks with a $2.5 million handle while Wheeling Casino generated $1 million in wagers and enjoyed an 11% hold. Charles Town’s win rate, however, was below 7%, and The Greenbrier reported a nearly $28,000 loss for the month.
