In the latest bookie news, we are taking a look at sports betting in West Virginia and its numbers for July. The fiscal year for the state begins in July, so many in the industry are interested to see how the market performed. According to the West Virginia Lottery, sportsbooks in the state took in $20.9 million in wagers.
This is 25.3% lower than the previous month, and the lowest monthly sports betting handle that sportsbooks in the state have seen in more than four years. However, the local betting market is not dwindling at all. In fact, the state is nearing $250 billion in total sports betting handle ever since sports betting started in the state back in 2018. Most of the wagers, around $18.7 million of the handle come from online sportsbooks.
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Sports Betting in West Virginia is Still Doing Well
Sports betting remains to be profitable in the state, despite a lower month-on-month dip in revenue. According to the report, sportsbooks have $2.5 million in revenue, which is 3.8% lower than June’s. It is also down 4% year-on-year. Even with a lower profit line, sportsbooks are still doing well. And with the reasonable cost of a sports betting software, you can definitely turn a profit even with the current market conditions.
In addition, betting markets across the country are also experiencing the same dip in handle, so it is still within the national average. If you look at historical data for sports betting across the country, there is a lull in sports betting in the US, but not enough to worry operators and bettors. While there are fewer betting events during this time of the year, people can still place wagers on quite a few sports tournaments, like making MLB prop bets, which are quite exciting and profitable.
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