The new fiscal year has reported good results for the sports betting industry in West Virginia, official figures show.
US.- West Virginia is one of the states in the US that has legalised and regulated sports betting. Now, the state is enjoying the benefits of the industry, which reported US$704k in the first five weeks of the new fiscal year.
The sports betting market in West Virginia experienced a good start in the new fiscal year. Penn National Gaming’s Hollywood Casino at Charles Town Races is the leading facility in the state in the first five weeks of fiscal 2019-20.
The five weeks to August 3 registered most of the revenue from Penn National, accounting for US$539k of the total. Customer stakes totalled US$7.6 million over the five-week period, and Hollywood Casino accounted for US$6 million of that figure.
Lottery revenue in West Virginia tops US$1 billion
According to the state Lottery Commission, the 2018-2019 revenues increased by approximately US$52 million from the previous year. The results are actually surprising, as the Lottery had predicted that revenues would fall this year. This is the 17th consecutive year of achieving the US$1 billion mark in revenues.
Dean Patrick, deputy director for finance, told Lottery Commission members about the methods used to reach the projections. Patrick said that the revenues were expected to be influenced by the slowdown in business at the Wheeling Island casino. They also expected accessibility issues due to renovation projects at Interstate 70.
Moreover, as some construction suffered a delay and Limited Video Lottery rebounded, it rose about US$24 million from the previous year, totalled US$392 million and helped achieve these results.