When we learn about sports betting from gambling tutorials, we are taught how to generate revenue more efficiently. We learn that out of the betting handle, we get the hold percentage, then the revenue. For those new to the industry, its easy to assume that a higher handle also means a higher hold percentage, therefore higher revenue. This can be true, but you can still maintain a high hold percentage and revenue even if your handle is low. And the West Virginia sports betting market proves that in their latest report.
Let us take a look at the numbers first. According to the West Virginia Lottery, the total monthly handle is at $30.4 million. The hold percentage is at 11.3%, with a $3.4 million revenue for the month of May. The numbers seem low, especially if you would compare them with other states like New York or Nevada. But West Virginia is a relatively smaller market.
West Virginia Sports Betting Market Sustains Hold
The key to success for the local betting market lies in the hold percentage. 11.3% is quite good, and it’s the third straight month that the state has recorded a double-digit win rate. In fact, the lowest win rate that the state has this this year was back in February at 9%. And the lowest that West Virginia has is higher than the industry average. The win rate is a good sign for sportsbooks because it means that again, they are getting to keep more revenue.
So far, sportsbooks in the state have taken in more than $20 million in revenue this year. This is also remarkable as it is 30% higher than the same quarter back in 2023. If you have your own sportsbook, you can also generate reports to see your sportsbooks numbers. This pay per head sportsbook service can help you do this easily.
Professional Sports Sustains Market
College sports is on a break, and will not resume until fall. For now, pro leagues like the NBA, NHL, and the MLB are sustaining the market. Other sports like soccer, golf and tennis are also quite lucrative. But still, the lean sports calendar will become even more lean when the NBA and the NHL finish their seasons this June. In many a bookie pay per head forum, bookies discuss the many strategies they use to supplement the summer slowdown in sports betting.
It is common for sportsbooks to look at other gambling options like casino gaming and horse racing. But there are still quite a lot of opportunities for people to bet on a large variety of sports. European soccer is ongoing, then tennis and golf hold their respective tournaments. Lets also not forget the Paris Olympics, which will begin this July. So with a busier than usual calendar this year, we are optimistic that this year’s numbers will be better than last year. It will also be interesting to see if West Virginia can sustain their double-digit hold through summer.
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