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Sportsbooks in West Virginia had an outstanding start to 2024, with a hold of just less than 13 percent for the month of January, as per a compilation of weekly numbers from the West Virginia Lottery. Sports betting revenue in the Mountaineer State, was slightly over $6 million in January, which was the seventh-highest total ever. The five mobile sports betting applications affiliated with Hollywood Charles Town and The Greenbrier accounted for the majority of the revenue, with a combined total of about $5.4 million coming from DraftKings, Fanatics Sportsbook, ESPN BET, FanDuel, and BetMGM. When a casino has many skins, the West Virginia Lottery does not break out individual handle and revenue numbers for each mobile operator.
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More than $46.4 million was handled in the first month of the year, which is less than what it was in December but up 3.7 percent from the same time the previous year. However, revenue increased by 64.7% in comparison to the first month of 2023 due to a nearly 13 percent win rate, which is the 10th-highest win rate in state history, being more than 4.8 percentage points higher. For the seventh month running, the statewide hold was at or above 9 percent. By the beginning of 2024, the state had collected more than $512,000 in taxes—more than $201,000 more than in January 2023. There is no question that West Virginia gamblers are betting more and more on sports each year.
When it came to January handle in the Mountaineer State, FanDuel and BetMGM triumphed over DraftKings, ESPN BET, and Fanatics Sportsbook, coming in just under $30,000 from $20 million, while the other three operators took home $18.3 million. However, a strong 16.5 percent hold that produced winners of more than $3.3 million helped DraftKings and FanDuel separate themselves in terms of revenue.
The three Charles Town-related skins performed admirably against the public, generating an 11.3 percent win rate and keeping close to $2.1 million in money. The cumulative handle from the three mobile applications linked to the PENN Entertainment venue was down 31.6 percent from the $26.7 million in bets placed in December, although the West Virginia Lottery does not disclose promotional spend.
The Mountaineer Casino-affiliated Caesars and BetRivers had a less spectacular for the first month of 2024, combining for a 5.2 percent hold that brought in close to $137,000 from roughly $2.7 million in wagers. With a sub-1 percent hold, Betly Sportsbook—which offers mobile betting via Mardi Gras Casino—finished with just $3,429 out of a handle of more than $374,000.
A hold of slightly over 10 percent helped the five retail sportsbooks get off to a solid start as well, bringing in close to $516,000 in revenue. The majority of those winnings came from Charles Town, which kept approximately $345,000 of the $2.9 million handled with an 11.9 percent win rate.
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