Nevada Sports Betting Posts Revenue Gains In July

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Nevada sports betting

Nevada sports betting revenue rebounded in July.

According to figures released Wednesday by the Nevada Gaming Control Board, NV sports betting operators collectively cleared $25.2 million during the month.

It was a 36% increase over July 2022‘s revenue of $18.5 million.

NV sports betting revenue jumps monthly, too

Total Nevada sports betting revenue in July was also a sizable increase over June ($9.5 million.)

Sportsbooks paid out $6.6 million to bettors cashing in on the Vegas Golden Knights‘ Stanley Cup championship, hampering their June revenue.

Annual revenue for Nevada sportsbooks increased 12% in the last 12 months, too.

Between August 2022 and July 2023, Nevada sports betting operators produced $467.3 million in revenue compared to $417.4 million between August 2021 and July 2022.

Higher hold for Silver State sportsbooks

Sportsbooks posted a 6.2% win rate, or hold, in July.

According to LSR data, it is a full percentage point higher than the current 2023 year-to-date average hold of 5.2%.

The Silver State collected $1.7 million in July sports betting taxes.

NV betting handle dips in July

Nevada sportsbooks handled $408.2 million in July, a 15% dip from June‘s $479 million. It was also a slight 3% decline from the same month last year when sports bettors wagered $419.3 million.

NV sports betting apps accepted $268.2 million in July bets, good for 66% of the total monthly handle. Most US sports betting markets see online betting account for 90% or more of total monthly handle.

Through the first seven months of the year, Nevada sports bettors have staked $4.41 billion, a nearly 7% decline compared to the same period last year ($4.73 billion).

Nevada lands in sports betting top 5

Nevada’s $408.2 million handle is currently the third-highest July total reported across the US.

LSR projections show Illinois sports betting handle landing in the top five when figures are released in the coming weeks.