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West Virginia Sports Betting Revenue Rises with Improved Win Rate Despite Declining Handle

June 13, 2023

In May, West Virginia experienced a second consecutive month of declining sports betting handle, but an improved win rate resulted in nearly $3.5 million in revenue for operators. The total amount wagered in the state was $31.9 million, a double-digit decrease compared to the previous month. However, sportsbooks managed to hold 10.8% of the wagers, generating $294,361 in tax revenue.

Compared to April’s revenue of $2.8 million, May saw an increase as the state entered a period without football. Online sports betting accounted for $29 million of the total handle, while brick-and-mortar operators contributed $2.9 million. Online sportsbooks also achieved a higher win rate at 11.1%, compared to 8.4% for physical locations.

Among the operators, The Greenbrier emerged as the top performer, utilizing platforms such as FanDuel, BetMGM, and Golden Nugget. With a win rate of 11.6% and a handle of $13.3 million, The Greenbrier generated over $1.9 million in revenue, leading the state. Charles Town, in partnership with DraftKings, Barstool Sportsbook, and PointsBet, had the highest handle at $14.2 million but achieved a lower hold of 8%, resulting in $1.1 million in revenue.

Mountaineer, partnered with Caesars and BetRivers, held 5% of the $1.3 million handle, while Hollywood Casino at Charles Town achieved the best retail handle in the state at $1.8 million. With an 11% hold, it earned nearly $200,000 in revenue.