West Virginia Sports Betting Revenue
West Virginia is a small state that benefitted from being one of the first places to allow both online and in-person sports betting following the repeal of the Professional and Amateur Sports Protection Act.
Most people probably wouldn’t peg West Virginia as a bigger sports betting market than New York, but currently, it is.
We analyze monthly West Virginia sports betting revenue reports to keep you informed with the latest financial figures and market trends. Let’s dig into some numbers and explore the business of sports betting in the Mountain State.
West Virginia Sports Betting Revenue: Annual Financial Figures
The table below shows West Virginia’s annual sports betting handle, gross gaming revenue, and hold percentage, as well as state tax revenue collected since legalization.
Here’s what each column represents:
- Handle is the total amount wagered on sports.
- Revenue reflects the gross gaming revenue kept by sportsbooks after paying out winnings.
- Hold percentage shows how much revenue sportsbooks kept as a function of the betting handle.
- State tax revenue displays taxes collected by the state and local jurisdictions.
|Year||Total Handle||Revenue||Hold Percentage||State Tax Revenue|
West Virginia is a small market, but it has grown steadily since its launch in September 2018.
WV finished 2020 with over $400 million in sports wagers placed. Year-over-year growth of 84 percent shows the industry’s resilience throughout the challenges of the COVID-19 pandemic. The state’s open access to convenient online betting options kept sports betting revenue trickling in while the industry was completely shut down in other jurisdictions for months at a time.
Latest WV Revenue News
Here’s a quick rundown of what we learned through the latest West Virginia sports betting revenue reports.
June 2021 – West Virginia reports $29 million wagered on sports in June. The hold percentage (11.58 percent) was the highest it’s been since September 2019.
May 2021 – West Virginia’s betting handle continues to fall, with just $25 million wagered in May. This is now less than a third of WV’s peak betting volume of $76 million in September 2020. We speculate this prolonged dip to start 2021 is in part due to the launch of online sports betting in neighboring Virginia.
April 2021 – West Virginia reports its lowest sports betting handle since July 2020 with $34 million wagered in April. This is less than half of peak betting volume in September 2020.
March 2021 – Bettors in West Virginia wagered $42 million in sports in March. Mobile betting continued to lead the way, with online wagers accounting for approximately 76 percent of the total amount handled.
West Virginia Sports Betting Revenue: Month-by-Month
Sports Betting Dime monitors the growth of legal sports wagering by tallying monthly revenue reports from each state. The table below shows the West Virginia sports betting industry’s key financial figures from launch in September 2018 to date.
|Month/Year||Total Handle||Revenue||Hold Percentage||State Tax Revenue|
|Total (since launch)||$908,830,699||$72,440,368||7.97%||$7,030,262|
We’ll update this table with monthly figures provided by the West Virginia Lottery.
Key Information about the Mountain State
It’s always important to consider the context when evaluating the sports betting industry. Here are some essential details to keep in mind when looking at the West Virginia market.
State Population (2020 Census): 1,793,716
In-state Pro Teams: None
Launch Date: September 1, 2018
Biggest Monthly Handle: $76,951,429 (September 2020)
Regulator: West Virginia Lottery
Platforms: Online and retail
Tax Rate: 10 percent
West Virginia Sports Betting Revenue Insights
While the road has been bumpy at times, West Virginia’s sports betting market has climbed steadily throughout the first couple of years since legalization.
The Mountain State was the fifth jurisdiction in the United States to launch legal sports betting and has benefitted from being among the first to market. That said, the ever-evolving US sports betting industry is becoming more and more competitive, and smaller states hold a decreasing share of the market.
Let’s explore a couple of themes that stand out when looking at West Virginia’s sports betting financial reports.
It Pays to be an Early Adopter of Online Sports Betting
West Virginia lawmakers were savvy enough to know the vast majority of sports fans prefer the convenience of online betting. The Mountain State was among the first to create a regulatory framework to provide safe and reliable online sports betting.
West Virginia’s “no bulls*#t” approach allowed for the quick launch of a market that has been bettor-friendly from the get-go. Most importantly, the regulations allow for open access to a wide range of wager types and convenient betting options.
The free-market approach has paid off in spades thus far. West Virginia generated $46,633,656 in sports betting revenue from June 2019 to January 2021. By comparison, New York, a state with more than ten times West Virginia’s population, generated just $22,122,017 in that same period. NY has twice as many casinos as WV but does not allow online betting, so the dramatic difference in revenue reflects the strength of online sportsbooks.
But WV Is Facing Headwinds in 2021
West Virginia had a strong finish to 2020, but its sports betting market has slowed at the start of 2021. The launch of legal online sports betting in nearby Virginia, which has a much bigger population, may impact WV. We speculate that previously, Virginian sports fans may have been driving across the border to place their wagers, which is no longer necessary.
West Virginia is facing more competition than ever before, and it will only get stiffer if other neighbors such as Maryland and Kentucky manage to go live with sports betting later in the year. Continued growth will require reaching new customers by converting casual sports fans into bettors and gaining wider acceptance for sports wagering amongst the general public.
West Virginia places no restrictions on college sports betting and allows wagers on eSports, which should help attract diehard fans from less progressive neighboring markets. However, we don’t expect WV to play as large of a role in the sports betting industry as it did in the early days.
Learn More About Betting on Sports in West Virginia
We’ll be following the latest developments in the West Virginia sports betting industry here at Sports Betting Dime.
We’ll keep you up to date with West Virginia sports betting info including which sportsbooks currently offer WV online sports betting in the state, sign-up offers, and the latest developments.
Learn more about West Virginia’s rules and regulations, bonuses, and more by visiting our in-depth guide to getting started with sports betting in the state. You can also check out other US states that offer sports betting to see which sportsbooks are available in other states. Visit our state-by-state sports betting revenue tracker to see how WV compares to other markets across America.
Have fun and enjoy the action out there!