West Virginia Sports Betting Handle Down, Revenue Up
West Virginia sports betting is attempting to end a prolonged losing streak.
After suffering a yearly decline in sports betting, the Mountain State’s industry officials are pointing to March’s revenue as a point of optimism.
Small steps, right?
March Madness Action Down Year On Year
West Virginia experienced a 30 percent drop in sports betting handle last March, when compared to the same month in 2022. But, at least, state officials saw an 8.3 percent increase from February. The state compiled $43.1 million in March and $39.7 million in February. But those figures lag in comparison to the $61.5 million in reported online and retail sales the previous March.
State officials gleaned some positive nuggets from the largely disappointing news for the state’s sports betting operators. March’s 9.8 percent hold represented the highest first-quarter take since 2018, the first year the industry was legalized.
March Madness action nearly equaled January’s $44.7 million handle, which was aided by several big football games. The state enacts a 10 percent tax rate.
Mobile vs Retail Sports Wagering
Mobile sports betting in West Virginia makes up the majority of the action. On the B&M side, retail sportsbooks mostly struggled during the previous two months, but rallied in March.
Charles Town reportedly accepted $2.8 million in bets, which aided the retail sector’s bounce-back effort. That amount was nearly half of the state’s combined brick-and-mortar operations, which produced $4.8 million. The state’s five casinos cashed in approximately $415,000 in March revenue and none reportedly faced a deficit. The previous month the five institutions combined to lose nearly $500,000.
After nearly a year of setbacks, West Virginia bettors and operators seek more wins.