White Hat Studios, the content division of the igaming platform supplier White Hat Gaming, has achieved a significant milestone by launching its content in West Virginia. This latest market entry marks the culmination of the company’s expansion efforts, making it active in every regulated state in the US. Andy Whitworth, the CEO at White Hat Studios, expressed enthusiasm for the achievement and credited the dedicated team for their remarkable feat.
Expansion Strategy and Partnerships:
White Hat Studios has strategically expanded its presence through key partnerships, with a recent deal signed with the Kindred Group. This collaboration extends the company’s reach in Pennsylvania and New Jersey, where its diverse portfolio of titles, including the popular Almighty Buffalo Megaways, will be available on Unibet. The addition of the Jackpot Royale jackpot system and a range of table games enhances the gaming experiences for players in these states.
Licensing and Launch in Connecticut:
Following licensing approval, White Hat Studios successfully launched its games in Connecticut. Players in the state now have access to an array of exciting titles, such as Ted and The Goonies, with the anticipation of Peaky Blinders being added to the offering. The company’s ability to navigate regulatory landscapes and secure licenses underscores its commitment to providing quality gaming experiences across the United States.
Performance in West Virginia:
While celebrating its entry into West Virginia, it’s essential to consider the backdrop of the state’s sports betting landscape. The West Virginia Lottery reported a sports betting handle of $28 million in June, reflecting a 12% decrease compared to May and a 15.7% decline year-on-year. Online wagers accounted for $25 million, while retail sportsbooks saw $3 million in wagers.
Revenue and Tax Implications:
Despite the decline in the sports betting handle, West Virginia sportsbooks generated revenue of $2.6 million in June. This figure represents a 25.4% decrease from May, with the hold percentage dropping from 10.8% to 9.3%. The state, which imposes a 10% tax rate, collected $261,000 in taxes for June, down from $294,361 in the previous month.
Industry Recognition and Awards:
White Hat Studios prides itself on being synonymous with quality, not only through its swift market entries but also through the recognition received in the form of numerous awards. The company’s consistent achievements reflect its dedication to delivering top-notch gaming experiences, contributing to its reputable standing in the industry.
White Hat Studios’ expansion into West Virginia solidifies its position as an influential player in the US gaming market. The company’s meticulous approach to partnerships, regulatory compliance, and game offerings has propelled it to achieve the remarkable milestone of being active in every regulated state. As the igaming landscape continues to evolve, White Hat Studios stands poised for further success, driven by its commitment to quality and innovation.