A recession in April may have been anticipated for online gambling in West Virginia, but it didn’t make things easier to digest. Both verticals showed monthly declines compared to the same time frames from the previous month, according to the West Virginia Lottery’s weekly reporting system. Online casino gaming handle and revenue saw smaller drops compared to sports betting, which experienced a double-digit drop in handle and an even worse revenue decline. The weekly reporting periods end each Sunday and include data starting from the previous Monday. Therefore, we will be comparing 28-day periods from each month.
Internet casino growth continues to be strong in spite of relative slip
The seven West Virginia online casinos accepted a total of $326.8 million in wagers between April 2 and 29, a 4.8% decrease from the previous four weeks (March 5 to April 1). The casinos returned $314.6 million to bettors, resulting in $12.1 million in revenue (-4.5% month over month).
However, when you look at the bigger picture, the story changes for the better. Year-over-year handle increased by 62.8% from $210.9 million in April 2022, and revenue increased by 58.2% from $8 million. The availability of WV casino bonuses may have played a factor in this growth.
These numbers are not a coincidence either. April marks seven consecutive months where iGaming handle has surpassed $300 million.
- April: $326.8 million
- March: $343.7 million
- February: $367.6 million (state record)
- January: $320.5 million
- December: $308.2 million
- November: $311.2 million
- October: $317.1 million
There is also room for further growth. Hacksaw Gaming is expected to become the eighth West Virginia online gambling operator later this year.
Charles City edges Greenbrier in total earn
Three of West Virginia’s land-based casinos have multiple iGaming operators operating under their licenses. Among these three, Hollywood Charles Town (DraftKings Casino WV and PointsBet Casino WV) generated the highest revenue of $5.2 million, representing a 1.6% month-over-month increase.
Charles Town narrowly surpassed The Greenbrier (BetMGM Sportsbook WV and FanDuel Casino WV) by less than $100K, with revenue of $5.1 million, a 10.1% month-over-month decrease. Despite handling $33.7 million less in bets, Charles Town managed to achieve this result. Charles Town’s handle was $126.5 million, a 13.2% month-over-month decrease, while The Greenbrier’s handle was $159.7 million, a 2.5% month-over-month increase.
Mountaineer (BetRivers WV and Caesars Casino WV) finished in a distant third place with a handle of $30.6 million, a 0.6% month-over-month decrease, and revenue of $1.8 million, a 3.8% month-over-month decrease.
Sports betting reveals seasonal weeknesses
We are currently in the offseason for sports betting, and this period will continue until football returns in September. In April, the total sports betting handle in West Virginia amounted to approximately $38.5 million, with sportsbooks returning $35.6 million to bettors. This resulted in a hold percentage of only 8.5%, generating $2.8 million in revenue.
These numbers are lower compared to March when the NCAA men’s basketball Final Four matchups took place on March 31. Regardless of the comparison period, the figures show a decline. From February 26 to March 21, the handle was $43.1 million, with $38.8 million returned (9.9% hold), resulting in total revenue of $4.2 million.
Surprisingly, the subsequent period from March 5 to April 1 showed even lower figures. During those four weeks, sportsbooks handled $30.6 million and returned $36.4 million (10.3% hold), resulting in $3.6 million in revenue.
Compared to the previous period, the handle decreased by 10.7%, and revenue decreased by 33%. One week later, these numbers were at -6.2% and -23%, respectively.
One positive aspect is that April’s betting handle increased by 7.4% compared to the same month last year, reaching $35.9 million. This marks the first year-over-year improvement in 2023. However, April 2022 still outperformed the previous month in terms of revenue due to its lower hold percentage.
Two licensees dominate gambling
All five retail casino licensees in West Virginia have sportsbook partnerships, but two of them dominate the majority of the sports betting activity in the state. In April, Charles Town and The Greenbrier accounted for a combined 93% of sports bets in the state.
Charles Town reclaimed the top spot in handle after falling behind The Greenbrier in March for the first time in seven months. Charles Town’s handle of $20.1 million increased by 5.2%, while The Greenbrier’s $15.8 million handle represented a 21% month-over-month decline.
However, The Greenbrier returned only $13.9 million to bettors, earning $1.8 million in revenue for the month. This was almost double the revenue generated by Charles Town, which amounted to $928K, despite its higher handle of $19.1 million.
The remaining three casinos experienced even steeper declines.
- Mountaineer: $1.8 million handle (-27.7% MoM); $43K in revenue (-77.9% MoM)
- Mardi Gras: $432K handle (-48.2% MoM); $12K in revenue (-89.8% MoM)
- Wheeling: $413K handle (-48.1% MoM); $13K in revenue (-81.2% MoM)
Mountain Kerby comes from a background of poker, sports, and psychology. He brings all of that expertise into his writing, where he contributes articles on the growing legalized gambling, online casino, and gambling industry.
