West Virginia sports betting revenue saw a steady increase from week to week in July.
- Sports Betting in West Virginia has grown consistently in July thanks to the return of sports.
- The betting handle has increased every week, which coincides with sporting events.
- With Virginia’s 10% tax on betting revenue, the Mountain State has taken in a lot of much-needed funds.
CHARLESTON, W.V.- West Virginia sports betting revenue managed to garner a successful month in July with a large part thanks to the return of major sporting events.
Betting handle managed to increase week by week and the Mountain State was able to increase its statewide revenue haul in the process. The West Virginia Lottery has provided the revenue numbers showing a steady increase throughout the month.
Legal West Virginia sports betting ballooned in revenue in July as sports began to return after being on hiatus due to the global coronavirus pandemic.
The revenue numbers released by the West Virginia Lottery shows that the majority of the betting revenue came in through mobile sports betting.
Retained betting handle in the first week of July saw $299,329.23. While mobile betting raked in $877,723.91 for a total surpassing of $1.1 million in the betting handle.
These numbers were mainly attributed to betting revenue from UFC betting and motorsport events. By the second week, the MLB season had begun which lead to an increase.
In week two, both retail and mobile betting handle had more than doubled, bringing in over $2.6 million wagers, with more than $2 million being wagered through mobile sports betting.
The growth continued, hitting a total betting handle of $3 million in week 3, $3.5 million in week 4, and the biggest week ending on August 1st taking in $5.4 million in wagers.
This led to a total of $15.8 million in wagers in the month of July with over $11 million coming from online and over $4 million coming from retail. With the NBA season in full swing, the numbers are only expected to grow in August.
The sports betting revenue tax that West Virginia took in from these wagers is 10%. Per the report, it shows that West Virginia took in $133,776.76 in July from their cut from all the active sportsbooks.
This shows the major benefit that legal sports betting has on a state’s bottom line. As the months persist and more sporting events begin to air, West Virginia is on pace to a multimillion-dollar annual revenue from sports betting.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.