First Week of Sports Betting in West Virginia Nets $320,000
Legal Sports Betting in West Virginia officially began on September first and so far the numbers are looking good. According to West Virginia Lottery, the state netted around $320,000 of taxable revenue from during the first week of operation. Furthermore, they expect these numbers to greatly improve over the first weekend of the NFL season.
West Virginia officially became the fifth state to offer legal sports betting back in August of this year. Since then, the WV Lottery Commission has been in charge of regulating the sports betting industry in West Virginia.
In addition, Hollywood Casino was the first to offer legal sports betting in the state of West Virginia. Furthermore, they reported $340,000 in bets during the first Saturday of college football. Several gambling venues are expected to follow with top pay per head sportsbook hoping to do the same within the year.
A Great Start with more to come
According to Erich Zimny, VP for Hollywood Casino Racing Operations, “the taxable revenue product off of this was about $32,000”. This means that the sportsbook kept $320,000 out of $640,000 in bets taken.
However, sports betting revenue is expected to fluctuate up and down during the week because payouts are not always immediate. This is because according to Zimny, “there’s a lot more volatility in this than in casino games or even racing.”
In a recent study by the American Gaming Association, revenue made from sports betting revenue will increase rapidly this year . In fact, the NFL’s annual revenue may increase by $2.3 billion a year because of legalized sports betting.
Furthermore, searches on How to Become a Bookie have actually increased in the past few months. This means that several entrepreneurs are also looking to cash in on legalized sports betting in the U.S.