Sports betting revenue in West Virginia continues to grow. There is only one explanation for the continued record-setting weekly revenue reports: WV sports betting apps.
Online sports betting brought WV’s floundering retail sports betting market back to life.
Specifically, DraftKings and FanDuel made Saturday game days in the Mountain State much more than cheering on the WVU Mountaineers. The sportsbooks made it about being part of the game.
Even though the initial reports on sports betting revenue were disappointing to most, it looks like the WV market is finally getting some legs under it.
Record handle at WV sportsbooks, again
Every week, the West Virginia Lottery releases the latest sports betting revenue figures. This week, the WV Lottery released two weeks of figures, both setting new handle records.
For the week ending Nov. 2, the overall handle came in at nearly $8.1 million, besting the previous record set the week before by $200,000.
Then, as if to say setting a record is not a fluke, during the week of Nov. 9, WV sportsbooks collected almost $8.4 million in bets.
These West Virginia sportsbooks posted the following overall handle numbers for the week ending Nov. 9:
- Hollywood Casino and DraftKings Sportsbook: $5,001,498.58
- The Greenbrier and FanDuel Sportsbook: $2,505,974.22
- Mountaineer Sportsbook: $841,791
As you can see, Hollywood Casino and DraftKings command most of the market, collecting nearly 60% of the bets. No doubt that is an impressive amount, though, what is worth watching is that FanDuel’s market share is on the rise.
Last month, The Greenbrier and FanDuel were commanding about 16.5% of the market for the week ending Oct. 12. As of this previous report, it secured 30% of the market.
That’s a pretty significant jump in one month. Should Hollywood Casino be worried? Probably not.
The Greenbrier will never compete with Hollywood’s retail sportsbook.
Not only is it in a very desirable location, on the border near Washington, D.C., Virginia and Maryland, but The Greenbrier is a private club that limits public access.
Even so, from a mobile perspective, FanDuel is posed to take control.
Mobile sports betting revenue in WV surpasses retail for the first time
Until recently, the West Virginia Lottery only released total handle figures. However, the reporting now includes handle figures broken out between retail and online sports betting.
Besides breaking a new total handle record, the WV sportsbooks accepted more bets via sports betting apps then they did at a land-based sportsbook.
While Hollywood and DraftKing are dominating the overall market, FanDuel has taken a slight lead when it comes to online sports betting.
FanDuel took in $2,138,335.97 in mobile bets, while DraftKings accepted $2,122,236.86. As more West Virginians come online, it will be interesting to watch how the market share fluctuates in the mobile space.
Currently, FanDuel and DraftKings are the only online sportsbooks in WV.
Mountaineer Casino has not shared its plans to offer online sports betting. It is changing ownership, so a new sports betting app might be on hold until the sale finalizes in early 2020.
Of course, Mardi Gras Sportsbook and Wheeling Island Sportsbook remain closed following the dispute with their online sports betting provider, Miomni.
Show us the money
While the number of bets is exciting and the growth of mobile sports betting is even more so, sports betting is still a business.
That means somebody, somewhere, is making money.
Besides record-breaking handle, WV sportsbooks also generated an additional record in terms of revenue. Unfortunately, it’s the record loss for the week ending Nov. 2.
Total revenue fell into the red to the tune of $1,416,410.54. Most likely, this is a result of the competitive showing of the WVU–Baylor game on Nov. 1.
Sportsbooks listed WVU as 18.5-point underdogs. The final score was 17-14. Even though WV lost, it obviously paid off for its fans.
However, WV sportsbooks bounced back nicely for the week ending Nov. 9, posting nearly $1 million in profit.
Here’s how that was divided up:
- Hollywood Casino and DraftKings Sportsbook: $509,294.13
- The Greenbrier and FanDuel Sportsbook: $333,322.26
- Mountaineer Sportsbook: $82,490.45
When it comes to mobile revenue, DraftKings and FanDuel both profited more on mobile bets than those made at their retail books.
With a few more weeks left in the WV college football season, WVU hoops underway and the NFL in the thick of things, expect more records to go by the wayside and watch WV sports betting continue to flourish.