Hoops Betting Powers Nevada Handle To $863 Million For March

Bettors cashed winning football tickets and might have put those winnings toward basketball wagering
Nevada 2022 March Revenue report

The highest monthly recorded handle for basketball in the post-PASPA era powered Nevada’s overall sports wagering total to $862.8 million for the month of March, according to figures released by the Nevada Gaming Control Board on Thursday.

NBA and college basketball bets amounted to just shy of $709 million for March, an increase of 55.4% from February and of 41.4% compared to March 2021. It was the first NCAA Tournament played without COVID-19 related issues since 2019, which included games played at venues nationwide and concluded with the Final Four in New Orleans — part of a newer legal sports wagering jurisdiction of Louisiana.

The overall handle was the fifth highest recorded in Nevada history and a 12.8% increase from February’s total of $764.9 million. It was also a 34.6% year-over-year increase from the $640.8 million generated in March of last year.

Operator revenue climbed 21.9% to more than $36.9 million, but that was also a 6.1% decline versus 2021. The hold of 4.3% was an improvement of nearly one-third of a percentage point from February but was nearly two full percentage points lower compared to March of 2021. That hold, though, made this the first time in the post-PASPA era dating back to May 2018 that Nevada’s win rate was sub-5% for four consecutive months of reporting by the NGCB.

Winning football tickets still being cashed

Bettors continued to cash winning Super Bowl tickets as operators reported a net football loss of more than $17.4 million in March from less than $500,000 in wagers placed. Operators enjoyed nearly $47.8 million in revenue from basketball wagering, gaining a 6.7% hold that was nearly four percentage points higher than February.

The second-biggest revenue category came from the catch-all “other,” which generated $3.8 million from $74 million in bets placed. Hockey handle totaled $73.9 million, with operators claiming just shy of $3 million revenue from those wagers for a 4% hold. Operators reported a net $321,000 loss in baseball wagers, though the handle was just $5.6 million for March.

Revenue from mobile wagering was $19.1 million, barely more than half the overall total. The mobile win rate was 3.3% — a high mark for 2022 thus far but also the eighth consecutive month it failed to eclipse 4.5%. Mobile handle was $576.6 million for March, representing 66.8% of the overall handle.

Year-over-year handle up big, but revenue is lagging

Statewide, more than $2.7 billion in wagers was placed in the first three months of 2022, an increase of 48.7% compared to the first quarter of 2021. But revenue has lagged 5.1% behind last year’s numbers at $117.2 million, thanks largely to the betting public performing far better. The hold through the first three months of the year is 4.2% — nearly 2.5 percentage points lower than the same period last year and notably lower than the national hold of 6.1% to date in 2022.

Nevada has collected more than $7.9 million in tax receipts this year, about $430,000 less than the same period of 2021.

Photo: Shutterstock


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