West Virginia Sports Betting Performing Well in Q4


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The mountain state of West Virginia is gradually becoming one of the leading states in the American sports betting industry. It was the fifth state to officially declare sports betting legal in the United States on August 30th, 2018. There aren’t as many casinos in West Virginia, but the state has always maintained lofty aspirations for sports betting.

The WV sports betting industry is a multi-million industry, and it significantly contributes to the state’s GDP. But how well is this industry doing amid the Covid-19 pandemic? This article will look at the performance of the WV sports betting market during the last quarter of 2020.

October

The fourth quarter of 2020 began on a shaky footing. October 2020 was an odd month for online sports betting in West Virginia, with sportsbooks in the state raising $45 million during that month. While it might have been a terrible month in terms of Production, it was certainly not the best.

Q3 had closed with a new record of $77 million worth of bets collected by WV sportsbooks in September. It was this significant September high that made October look like an odd low month. The drop was so drastic that it could not escape our eyes. When compared to August’s $47 million handle, October was not that bad of a month after all.

Although October was a slow month, sportsbooks collected weekly hands of $11.7million by the week of October 10th, which was slightly above the state’s $10 million average weekly betting handle.

Online sports betting in WV has dropped, but the retail betting sector remained unchanged. This phenomenon is probably short-term as online sports betting is rising across the United States and West Virginia expanded its mobile betting offerings. Discover more about sports betting in West Virginia at online-gambling.com.

November

However, the industry has recovered well over the subsequent months. There was an 8.7% improvement in November as the state recorded $48.5 million in betting handle.

When compared to last year, November 2020 is a 47.2% jump from 2019’s record of $33 million. This illustrates that 2020 Q4 is performing well relative to 2019 Q4.

Mobile sports betting was the largest contributor to November’s handle. In that month, the mobile betting handle was $28.4 million, which is about 58.5% of the month’s total handle. The sum of the mobile betting handle was also an increase compared to the previous month and the previous year as well.

The mobile wagering handle figure for November 2020 was up by 6.6% from the previous month’s $26.6 million and up 74.8% from last year’s November’s $16.3 million. WV November sports betting revenue was $4.4 million, which was a 17.8% increase from October’s $3.7 million and a 92.5% increase from 2019 November’s $2.3 million.

December

One of the online sports betting sites in West Virginia, FanDuel, recently announced the relaunch of its WV online sportsbook in partnership with Scientific Games’ OpenBet. This makes WV the first state to launch on the site after the company’s announcement of its plans to migrate its brand to the new technology.

The re-launch of WV FanDuels was on December 14th, and it comes after the parent company, Flutter, announced back in August that it would move its sports betting brands to OpenBet technology. FanDuel was previously powered by International Game Technology’s (IGT) PlaySports for betting operations.

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The Approval of Nuvei Technologies Inc. for sports Betting Payments

Another major development in the WV sports betting market is the entry of Nuvei as the state’s approved processor of all iGaming and sports wagering payments. Nuvei Corporation, a global payment partner of leading brands, announced on November 19th, 2020, that one of its subsidiaries, Nuvei Technologies Inc., had been approved to support the iGaming and sports betting industry in WV.

The company is a payment service provider to the sports betting and iGaming industries. Nuvei’s applications for WV Sports Wagering Interim Supplier License and Lottery iGaming Interim Supplier license were approved by the West Virginia Lottery Commission.

Nuvei will be allowed to support the sports betting industry in West Virginia by providing its services to sports betting operators within the state under the provisions of the WV sports betting act.

The state legalized sports betting in 2018 prior to the 2018/2019 NFL season, and the law was approved by the U.S Supreme Court in May the same year.

There are only five sports betting platforms in WV, but they have collectively managed to sustain the sports betting market in the state.

Q4 Relative to Fiscal Year 2020

Overall, 2020 has been an incredible year for the Sports betting market in WV. Despite the extension of the slow period due to Covid-19, betting revenue and handle in the state have increased significantly. Sportsbooks in WV collected a total of $257.3 million in wagering handle this fiscal year.

The revenue collected from wagering amounts to $19.1 million. This is a 60% increase from last year’s 12 million. The re-emergence of online betting sites and apps is one of the reasons why WV has reached great heights in 2020 alone. The launch of online sportsbooks helped attract more handle and revenue.

Online betting collected revenue of $8.8 million. Hollywood Casino and DraftKings was the leading online betting site in terms of revenue. The online sportsbook raised $5 million in revenue, which was about 40% of its total profits of $12 million.

Generally, the fiscal year 2020 was a success, and the same consistency can be seen in Q4 of 2020. The West Virginia sports betting industry is growing at a consistent rate.

Conclusion


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The sports betting industry in West Virginia is growing tremendously. Despite the setbacks that came with the Covid-19 pandemic, this industry has performed impressively, with a new state record of $77 million handle registered in September. Though not yet complete, Q4 of 2020 is promising so far, and it’s expected to close with higher handle and revenue by the last week of December. The overall performance can be attributed to the re-emergence of online sports betting in the state.

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