West Virginia’s sports betting industry maintains its position as a growing market, with April figures showing both year-on-year and month-to-month trends. While the handle saw an 11% decline compared to March, the state’s overall sports betting landscape remains promising. This report delves into the details of West Virginia’s sports betting statistics, highlighting its strengths and areas for improvement.
Year-on-Year Growth:
In April, the sports betting handle in West Virginia reached $38.5 million, marking a notable 7% increase from the same month in the previous year. This year-on-year growth demonstrates a sustained interest in sports wagering within the state.
Month-to-Month Fluctuations:
While the year-on-year figures paint a positive picture, it’s essential to consider the month-to-month fluctuations. The April handle showed an 11% decrease compared to the previous month, March, which recorded a handle of $43.2 million. Such fluctuations are common in the dynamic sports betting industry.
Digital Dominance:
A substantial portion of West Virginia’s sports betting activities occurred online, with $35.7 million in online bets, representing the majority of the handle. However, this online handle was down by 21% from the previous month. Meanwhile, retail sportsbooks generated $2.8 million in wagers, maintaining a presence in the state’s sports betting landscape.
Revenue and State Taxes:
West Virginia’s sportsbooks reported revenue of $2.8 million in April, representing a 35% decrease from March. The state’s hold, which reflects the percentage of bets retained by sportsbooks, fell from 9.8% in March to 7.2% in April. West Virginia’s tax rate for sports betting is set at 10%. In April, the state collected $241,656, excluding the administration’s share. To date, West Virginia has accumulated $15.3 million in sports betting taxes since the launch of sportsbooks in July 2019.
West Virginia’s sports betting industry is showcasing steady growth, with strong year-on-year performance. While month-to-month fluctuations are evident, these are typical in the sports betting sector. The dominance of online betting, coupled with revenue and tax contributions, highlights the sector’s potential for economic benefits to the state. As the industry continues to evolve, it is likely to provide valuable opportunities for both sports enthusiasts and state revenues.