March Sports Betting Brings More Than 9X February’s Total Tax Revenue
Total sports gambling handle and gross revenue faced significant drops in West Virginia during the week ending March 30. Even with the weekly decline, March was decidedly more active than February, as the tip-off of the NCAA basketball tournaments resulted in 9x more sports betting in March than the previous month.
Residents and visitors of the Mountain State wagered $3,443,807.18 during the week from Mach 24-30, down almost $1 million from the previous week. With less money wagered, there was a similar decline in gross revenue for casinos. Though the dollars came up short of the previous week’s nearly record-breaking totals, it came as little surprise. Bettors had fewer gambling opportunities, as the field in the Men’s and Women’s NCAA Tournaments was cut in half.
Online Betting Remains On Hold
Another factor in the decline in betting continued to be online betting being offline for a third consecutive week. While retail sportsbooks still prove successful, generating an estimated $1,552,961.56 of gross revenue in March, equating to $155,296.16 in taxes, the full benefit of legalized sports gambling is not reached without the convenience of mobile betting. Being offline for most of the month, online betting was only responsible for $44,558.59 in gross revenue, bringing $4,455.86 in taxes, less than 3% of the amount generated by its in-person alternative. For West Virginia to notice continued increases in tax dollars, online betting needs be available.
March Handle $13.8 Million
The latest week’s data brings the monthly total sports betting handle to $13,850,999.04. Gross revenue was $1,597,520.15, creating $159,752 in taxes to the Mountain State. While this number is 9x greater than what was generated in February, it was still nearly $15,000 less than January. While sports gamblers in West Virginia had NFL games to wager on in January, they also had more access to betting through online options. With the consistently high amounts of money bet per week, it shows that the state government can harness the benefits of legalized sports gambling if it is made easy and available to the public.