Nevada Posts Record $1.1 Billion Sports Betting Handle For January

Sportsbooks saw nearly three-quarters of $50 million revenue come from football wagering
Nevada January 2022 Revenue Report
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Nevada extended its streak of billion-dollar monthly sports betting handles to four after the state’s Gaming Control Board on Friday reported a record $1.1 billion worth of wagers for the month of January.

The figure is the sixth-highest total nationally in the post-PASPA era, as Nevada became the third state to reach $1 billion handle in January along with New York — which reached the milestone in its very first month of mobile wagering — and New Jersey, which has hit the mark for five months running. The Silver State occupies the sixth, seventh, eighth, and 10th spots on the all-time list.

StateMonthHandle
New YorkJanuary 2022$1,686,263,898
New JerseyJanuary 2022$1,348,860,083
New JerseyOctober 2021$1,303,198,342
New JerseyNovember 2021$1,258,189,436
New JerseyDecember 2021$1,229,561,891
NEVADAJanuary 2022$1,111,044,444
NevadaOctober 2021$1,100,501,139
NevadaNovember 2021$1,085,550,928
New JerseySeptember 2021$1,011,114,311
NevadaDecember 2021$1,010,265,822

While operators again fell well short of the industry-standard 7% win rate with a 4.5% hold for the first month of 2022, it was notably better than the 1.6% to close 2021 that is also the lowest for any month not impacted by COVID-19. As a result, revenue more than tripled to $3,000 shy of $50 million, ranking seventh of the 44 months of the post-PASPA era.

Handle improved 10% compared to December and 71.8% versus the January 2021 handle of $646.7 million. While revenue climbed sharply in contrast to last month, it was 4.6% lower year-over-year as the win rate in 2021 was 3.6 percentage points higher. The state collected close to $3.4 million in sports wagering taxes last month, lifting the all-time total over $86 million.

The national handle surpassed $7 billion for January, officially for the third time in four months, as Arizona has yet to report its December numbers that will also put that total over $7 billion. January, though, is tracking to have a record $9 billion in wagers, as large-market states Illinois, Colorado, Virginia, and Arizona have yet to report their respective January figures.

Putting a (large) bow on football betting season

Though the Nevada Gaming Control Board does not break out numbers for pro and college football betting, it is clear the first season with the NFL publicly supporting legal wagering had a notable impact in one of the nation’s largest markets. Including the Super Bowl, when a record $179.8 million was wagered, football handle in Nevada totaled close to $2.9 billion worth of wagers from September through January, which resulted in $188.1 million in operator revenue.

That marked an increase of more than $915 million in handle and nearly $24.8 million in operator revenue year-over-year for the time period. The bulk of January’s revenue came from football, with Nevada operators claiming $36.6 million in revenue from $454 million wagered, resulting in an 8.1% hold.

Basketball handle reached an all-time monthly high of $504.9 million, though bettors held their own against the house. Operators had a 2.2% hold for hoops and reported $11.3 million in revenue. The robust handle augurs well for wagering on the NCAA Tournament, with the previous record for basketball handle of $501.4 million coming in March 2021 and primarily fueled by college basketball’s signature event.

Bettors did come out slightly ahead in hockey wagering, winning $143,000 more than the $75.3 million wagered. The other primary source of revenue came from the catch-all “other” category, with operators claiming nearly $2.9 million from $71.3 million in wagers.

Other assorted notes

Mobile handle eclipsed $700 million for the fourth straight month and reached an all-time high of $786.7 million, representing 70.8% of the overall handle. Once again, the mobile win rate was substantially lower than the overall hold at 1.9%, as nearly $15.2 million of the revenue was generated via online wagering.

Also of note was the lack of futures wagering on Major League Baseball despite the record overall handle. The house is usually in the red throughout the winter paying out winning World Series tickets, and January was no different, as the spread was $944,000. But there was less than $7,000 worth of baseball wagers placed during the month, resulting in a cartoon-like win rate of -13,971%.

The baseball handle was also a 31% drop from December. It marked the first time in the post-PASPA era that there was less than $10,000 in bets in back-to-back months during the MLB offseason.

Photo: Shutterstock

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