The online casino market in West Virginia is rapidly growing, as evidenced by the 51.6 percent yearly growth. In April, West Virginia casinos generated a revenue of $13 million, a 51 percent increase from last year. But, the month-on-month revenue was down by around $1 million.
There is a simple explanation for that. Usually, March Madness sees an influx of revenue following the huge betting at land-based and online sites.
West Virginia is one of the six states with legal online gambling. This section has seen excellent growth, and West Virginia is a perfect example.
For instance, in April, the online gaming revenue in the state exceeded $ 2.5 million each week. In April last year, the state only saw a revenue exceeding $2 million in only two weeks. The revenue was much lower in April 2021, as it did not exceed $1.08 million in any week.
The year-on-year growth was over 51 percent and 290 percent compared to April 2021. Individual casinos also performed well, with Charles Town Races taking the top position.
A New Online Casino Leader
The Greenbrier casino has been raking in the highest revenue since the legalization of online casinos in West Virginia. Owned by the family of Governor Jim Justice, Greenbrier partnered with BetMGM and FanDuel to offer online gaming.
Unfortunately, the Greenbrier is no longer the highest-earning online casino in the state. In fact, the casino has been struggling for the past couple of months. Its revenue has dropped by 21 percent from February 2023.
Meanwhile, Charles Town Races revenue has risen by 6 percent to over $188k. Greenbrier is the only casino in the state not tied to a racetrack. It recorded an all-time high of over $231k in February, which dropped to around $181k in April.
Charles Town Races is in partnership with DraftKings Casino. The brand is huge in the country, which could mean gaining a bigger market share in West Virginia. However, it is also possible that Greenbrier will bounce back to its position.
After all, Greenbrier runs two casinos in West Virginia. Ideally, the state has three casinos that operate four online casinos. These include BetMGM and FanDuel, operated by Greenbrier, Hollywood Casino, operated by Charles Town Races, and Mountaineer Casino, Racetrack & Resort, which operates an online casino through PointsBet.
Mountaineer is still far from competing with the first two. The casino's April revenue was an average of $400k weekly.
How Did Other States Perform?
Apart from West Virginia, Connecticut, Pennsylvania, Delaware, Michigan, and New Jersey have legalized online casino gaming. These states are similarly doing well.
For instance, Pennsylvania generated over $167 million in April from online casinos. This was a 21 percent year-on-year growth.
Michigan came second with over $159 million, a 20 percent year-on-year growth. New Jersey came third with a 16 percent revenue growth, earning over $156 million.
Connecticut saw a 40 percent year-on-year growth, earning around $31 million in April 2023. West Virginia followed with $13 million, then Delaware took the last spot with $1.3 million from the online market. Still, this was a 5.9 percent year-on-year growth.
