West Virginia Generate Nearly $3.5 Million in Sports Betting Revenue During May

West Virginia Generate Nearly $3.5 Million in Sports Betting Revenue During May Pleas Subscribe For Daily Sports Betting News

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West Virginia’s handle fell for the second consecutive month, but an improved win rate helped legal sports betting operators generate nearly $3.5 million in revenue in May. 
The Mountaineer State hauled in $31.9 million in wagers, which was once again down double digits month-over-month, but sportsbooks enjoyed a 10.8% hold in May that produced $294,361 in tax revenue — according to figures released by the West Virginia Lottery. 
Revenue was up from April’s $2.8 million as the Mountaineer State settled into the football-less months of the calendar. Online sports betting sites made up $29 million of the handle as brick-and-mortar...

West Virginia’s handle fell for the second consecutive month, but an improved win rate helped legal sports betting operators generate nearly $3.5 million in revenue in May. 
The Mountaineer State hauled in $31.9 million in wagers, which was once again down double digits month-over-month, but sportsbooks enjoyed a 10.8% hold in May that produced $294,361 in tax revenue — according to figures released by the West Virginia Lottery. 
Revenue was up from April’s $2.8 million as the Mountaineer State settled into the football-less months of the calendar. Online sports betting sites made up $29 million of the handle as brick-and-mortar operators contributed $2.9 million to the total wagered. Online sportsbooks also produced a better win rate (11.1% to 8.4%).
Greenbrier edges mobile competition
Charles Town and its partnerships with mobile sites DraftKings, Barstool Sportsbook, and PointsBet led West Virginia sports betting with a handle of $14.2 million, but a hold of 8% produced revenue of $1.1 million. 
That ranked second behind The Greenbrier, which used FanDuel, BetMGM, and Golden Nugget to enjoy a win rate of 11.6% on a handle of $13.3 million and a state-best revenue of over $1.9 million in May.
Mountaineer, which has partnerships with Caesars and BetRivers, produced a 5% hold on a $1.3 million handle. Lastly, Hollywood Casino at Charles Town generated West Virginia’s best retail handle of $1.8 million and made just shy of $200,000 on a near 11% hold. This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/west-virginia-sees-sports-betting-revenue-rise-may-2023