Sports

Nevada Breaks Record With $614 Million In Sports Betting Handle

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Nevada’s sports betting industry continues to reach new heights.

On Friday, the Nevada Gaming Control Board reported that the state’s sportsbooks reported $31 mm in winnings off a record $614.1 mm in handle. The win percentage was 5.05%.

The previous handle record of $596.8 mm was set in March of this year.

In November 2018, Nevada sportsbooks reported $27.1 mm in winnings off of a then-record $581.1 mm in handle. The books had a hold percentage of 4.67% that month.

Sports betting win last month was up 14.3% in a year-over-year comparison. Total Nevada gaming win of $937.4 mm was down 3% in a year-over-year comparison. Sports betting is growing at a very solid pace while other casino offerings in the Silver State are lagging behind.

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New Jersey, the nation’s No. 2 sports betting market, reported $562.7 mm worth of sports bets in November. About 86.5% of those wagers were made online. Nevada doesn’t give a retail vs. online breakdown.

The Silver State has a much larger retail component than New Jersey. Nevada online sports wagering handle is hindered by an in-person registration requirement, which the Garden State does not have.

Prior 12 months

Over the 12 months prior to Dec. 1, 2019, the Nevada sportsbooks had $336.9 mm in winnings, up 15.8% from the same period a year ago. Handle during the period was $5.3 billion, up about 7.5% from $4.93 billion wagered by bettors during the same period a year ago.

Nevada is on pace for another calendar year record. Calendar year 2018 had just over $5 billion in handle.

Football, of course, is king

Single-game football betting accounted for $22.5 mm of last month’s winnings and $384.5 mm of the handle. That figure does not include parlays, which are popular for football.

Basketball accounted for $8.1 mm in revenue and $166.6 mm in handle. The “other” category, which includes hockey, boxing, MMA, and so on, accounted for $4.2 mm in winnings and $51.3 mm in handle.

Image Credit: Lucky-photographer / Shutterstock.com

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