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The West Virginia sports betting market had decreased handle for a second straight month, but May saw a considerable boost in income because to a higher win rate. Despite fewer bets, licensed sports betting businesses in the Mountaineer State made almost to $3.5 million in profits.
The West Virginia Lottery has revealed data showing that the total handle for May was $31.9 million, a double-digit decrease from the month prior. Sportsbooks did, however, manage to secure a 10.8% hold, generating $294,361 in tax income.
The Greenbrier was the West Virginia operator with the most revenue from sports betting in May. The establishment’s amazing 11.6% win rate was made possible by partnerships with FanDuel, BetMGM, and Golden Nugget. The Greenbrier had the greatest income in the state, reaching $1.9 million, with a handle of $13.3 million.
Charles Town won the largest handle at $14.2 million in cooperation with mobile sites DraftKings, Barstool Sportsbook, and PointsBet. The revenue was $1.1 million, ranking second in the state, with an 8% hold, nevertheless.
The aggregate revenue also included contributions from other West Virginia operators. With the help of Caesars and BetRivers, Mountaineer was able to hold a 5% share of a $1.3 million handle. With an 11% hold, Hollywood Casino in Charles Town generated revenue of about $200,000 while recording the highest retail handle of $1.8 million.
Despite the drop in handling, West Virginia’s sports betting sector has benefited from the greater win rates, which have resulted in higher operator profits. Online sportsbooks have continued to rule the market, adding to the industry’s overall prosperity as the state becomes used to the absence of football during this time.