West Virginia Records Sports Betting Handle Decrease for March
Written by Nosa
Published date · April 5, 2023 |
Last Updated · April 5, 2023 | Read Time: 2 mins
West Virginia has recorded a sports betting handle of $43.1 million for March 2023, representing a 22.6% decrease from the previous year.
- The data showed the handle actually increased month on month from February 2023 by 8.3%, rising from $39.8 million.
- The figures were provided by the West Virginia Lottery, covering the period from February 26th to March 25th.
In terms of revenue, West Virginia generated $4.2 million - from the $43.1 million wagered by bettors, sportsbooks paid out $38.8 million. West Virginia’s sports betting revenue experienced a 35% year-on-year increase, up from the $3.1 million recorded in March 2022.
The state claimed 10% of the generated revenue for taxes, which came to $421,000.
West Virginia licensees The Greenbrier and Charles Town maintained their dominant market share for sports betting, with both licensees accounting for 90% of the state’s revenue and handle for March.
The Greenbrier, which uses BetMGM, FanDuel and Golden Nugget sportsbooks, had the highest handle and revenue of any licensee in the state, recording figures of $19.9 million and $2.1 million, respectively.
Charles Town came second with a handle of $19.1 million and $1.7 million in revenue for its DraftKings, PointsBet, and Barstool platforms. Mountaineer Casino and its BetRivers and Caesars sportsbooks rounded out the top three with a $2.5 million handle and revenue of $198,000.
Mobile betting was overwhelmingly the main source of sports betting, accounting for $38.3 million of all bets. Retail sportsbooks, on the other hand, took in $4.8 million in wagers.
March Madness Impact
March Madness helped boost West Virginia’s sports betting performance.
Handle and revenue were at their highest ($11.9 million and $1.8 million, respectively) between March 12 - March 18, peaking on March 18 when four first-round and five second-round matches took place.
Sports betting was first legalized in West Virginia back in August 2018, becoming the fifth state at the time to do so.