Online Sportsbooks Produce 11.1% February Hold in West Virginia

All operators combine to post a loss during Super Bowl week as retail sportsbooks really struggle.

Mar 26, 2024 • 10:04 ET • 4 min read
West Virginia NCAAB
Photo By - USA TODAY Sports

Despite a losing Super Bowl week in the Mountaineer State, online sports betting operators still pulled off a solid February. 

Counting retail sportsbooks, West Virginia generated $38.8 million in overall handle, down 16.4% from January. Revenue of $3.7 million, according to figures released by the West Virginia Lottery, dropped 37.9% month-over-month. 

However, mobile sportsbooks hauled in over $3.8 million on a hold of 11.1%, which wasn’t that far off from the 13% overall win rate recorded in January. 

The Mountaineer State took in $10.8 million during the Super Bowl week and recorded a small loss of around $3,700. Many sportsbooks around the U.S. struggled after the bettor-backed underdog Kansas City Chiefs beat the San Francisco 49ers outright. 

A drop in wagering, despite such a huge event like the Super Bowl, was expected during a month with just one NFL game. The handle in January was lower than in December in a state that thrives on football interest. 

The Mountaineer State hauled in $318,222 in tax revenue, down from $512,000 generated in January.

Better than 2023

February’s handle was up a modest 2.4% compared to the same month in 2023, but revenue spiked 34.3% year-over-year in a state that’s totaled nearly $10 million of profits in the first two months of 2024.  

The 9.7% hold from online and retail combined is still 2.6 points higher than a year ago and nearly a point above the average since West Virginia sports betting launched in 2018.  

Greenbrier partners pace online field  

Operator February Handle Revenue
The Greenbrier (FanDuel, BetMGM) $16.5 million $2.1 million
Charles Town (DraftKings, ESPN BET, Fanatics) $16 million $1.7 million
Mountaineer (Caesars, BetRivers) $2.2 million $92,000
Mardi Gras (Betly) $232,000 $5,969

The Greenbrier’s partners, FanDuel and BetMGM, produced the highest February handle in West Virginia once again at $16.5 million. The online tethers weren’t able to equal January’s record revenue of $3.3 million as profits fell to $2.1 million.

Hollywood Casino at Charles Town’s trio of FanDuel, Fanatics, and ESPN BET wasn’t far behind at $16 million in wagers or with the $1.7 million in revenue as all five of those online sportsbooks combined for double-digit holds.

Mountaineer Casino, partnered with Caesars and BetRivers, barely got above a 4% hold on a handle of $2.2 million.  

Retail down, iGaming up

Bettors took it out on brick-and-mortar shops in the Mountaineer State. Retail operators combined to lose nearly $150K on a handle of $3.8 million. The Greenbrier alone lost over $144,000 while Wheeling Island Casino also finished in the red by nearly $100K.

Online casinos continued to be a boom for West Virginia as revenue of $17.4 million set a new state record. Up from January’s revenue of $14.9 million, seven iGaming operators combined to send the Mountaineer State over $2.6 million in tax revenue.   

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