West Virginia Sports Betting Handle Declines in the Second Month of the Year
West Virginia reports its online gambling figures weekly instead of monthly, which changes the start date of the news reports. For example, January’s numbers are from the 2nd to the 29th. On the other hand, December’s figures were from November 28th to January 1st, encompassing five weeks.
February’s sports betting handle hit approximately $49.3 million, which signified a decline of 16.3 percent from January’s handle of about $58.9 million. The mobile sports betting handle also experienced a decline in its numbers. February’s mobile sports gambling handle hit approximately $41.2 million compared to $48.1 million, which notes a decline of 14.3 percent.
While the numbers are down to start the new year, the year-to-date numbers show a solid increase for the market. February 2022’s handle is 29.8 percent higher when comparing February 2021’s handle that just hit about $38.2 million.
February’s schedule also doesn’t have a sports-friendly schedule, with the Super Bowl being the month’s main event. The NBA and NHL had their All-Star Weekends, which lessens the number of events to wager on for a week.
The sports handle in West Virginia took a solid hit, but the revenue aspect was even more affected. Sportsbook operators combined to bring in close to $2 million in February. Comparing to the $4.1 million in January, which was a decrease of 52.3 percent.
With the decline in sports wagering revenue, the state was only able to collect $195,500 compared to $348,342 a month before. This showed a decline of 43.9 percent in the span of a month.
The sports betting numbers declined, but there was one positive regarding the iGaming market. West Virginia is one of six jurisdictions in the industry to offer an iGaming market to its bettors.
February’s handle in this category hit about $222.2 million compared to around $192.1 million in January, which is an increase of 15.7 percent. Revenue also increased from about $6.8 million to around $8 million in that period which depicted an increase of 17.3 percent.
West Virginia’s Gaming Revenue and State Taxes Numbers Drop
Sportsbooks will be looking forward to March Madness which was the most wagered event last year. West Virginia’s sports betting handle, revenue, and state taxes will most likely gain back its momentum with multiple games taking place at neutral sites across the United States starting on March 15th.
West Virginia sportsbooks need to take full advantage of the opportunity as the betting volume is expected to slow down once again after March Madness comes to an end.