West Virginia Just Had its Best Month for its Online Sports Betting Handle

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The United States is becoming a nation that is starting to be big in sports betting. More and more states are finally signing this gambling activity into law. It was mainly in 2018 when a few states have started to move towards its legislation.

New Jersey. In particular, challenged the Professional and Amateur Sports Protection Act (PASPA) of 1992. This is the law that prohibited the majority of the US from regulating a local sports betting industry. The Supreme Court of the United States ended up striking it down. This allows each state to decide whether they’d like to legalize and regulate sports betting within their territories. 

Each state can also decide on the rules and regulations to be implemented if they do legalize local betting. For states that don’t have sports betting yet, the locals are either traveling to neighboring states with betting or are placing bets online on offshore-based casinos and apps like Librabet Mobile App.

West Virginia is one of the states that were quick to launch betting after the Supreme Court’s decision. This state launched betting with a soft launch in August 2018 at the Hollywood Casino at Charles town and fully launched it on September 1, 2018.

When it comes to online betting, the BetLucky app was the first to accept bets in the state. However, it had contract disputes with the casinos it works with and so operations were eventually ceased. It took several months before the locals get to enjoy online betting once again with FanDuel’s betting app. Eventually, another giant joined in. DraftKings hit the West Virginia market as the third betting app in the state.

West Virginia has been doing well in terms of the revenue that it is getting from the betting industry. However, it was just last month when betting revenues really peaked. In total, bookies in West Virginia accepted a total of $35,398,396.38 of wagers.

The brick-and-mortar bookies present in the state each gathered over 8 million US dollars of bets every week during that month alone. This includes Hollywood Casino, which took a total of 23 million US dollars of bets in January. Greenbrier came in second followed by the Mountaineer Casino.

There was a major increase in terms of online wagering in this state as well. Mobile betting giants DraftKings and FanDuel Sportsbooks accounted for only 46 percent of the total handle of the state in December of last year. Last month, online platforms were able to account for 56 percent of the total wagers in the state.

Definitely, this is still far from what the online betting sector in New Jersey is making, but this is still quite an improvement and possibly a step towards being one of the front runners in the country. New Jersey has been earning way more in betting the past months.

Last month alone, both land-based and online bookies in New Jersey got a total of 540.1 million US dollars of wagers. This marks a 40 percent increase in revenue on a year-on-year basis. However, this still isn’t the most amount that the state got from sports wagering. It was in November 2019 when the state reached its most betting revenue worth 562.7 million US dollars.

The digital handle in New Jersey usually represents 80 to 90 percent of the overall betting revenue of the state. Last month, from what New Jersey made, 471.1 million US dollars of these are from online wagering. That’s 87.2 percent of the overall betting revenue.

Both New Jersey and West Virginia surely benefitted from the start of the Super Bowl. The event on February 2 alone generated a total handle of 54.2 million US dollars with a net loss of 4.3 million US dollars. The complete event handle for this event alone is 527 million US dollars with a revenue of 44 million US dollars.

West Virginia may continue to accept more wagers as months go by, especially during March Madness. It’s just really a known fact that more people are getting into betting as more states finally legalize it. Online betting is also becoming a more preferred way for people to wager on sports.

It’s possible that West Virginia may get more bets online in the near future. After all, January’s online betting handle is already more than half of what the state made from overall betting. Many are looking forward to seeing how the industry will do once March Madness is already on.

 

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