- Sports Betting
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With a record haul from Nevada sports betting leading the way, the national sports wagering handle in November closed in on $1 billion.
Nevada sportsbooks took $581 million in sports wagers in November, besting a single-month record of $571 million set two months ago. That translated to more than $27 million in sports betting revenue on 4.67 percent hold, close to state historical average.
The confluence of NFL and college football with NBA and college basketball usually creates a strong November for Nevada. This, however, could speak to a coattail effect for the Silver State from the national rise of legal sports betting.
Six short months ago, Nevada stood alone in the US legal sports betting landscape. That is far from the case today as 2018 draws to a close.
Drop the $581 million from Nevada sports betting in November into the larger picture and what forms is a portrait of a burgeoning industry:
Combined, these handle figures add up to just less than $1 billion for last month. (They do not include New Mexico and a likely small amount from the first few days of Rhode Island sports betting.)
First, a look at where Nevada bettors put up their money in November:
That 63.3 percent equates to more than $374 million wagered on football in Nevada last month. Books held more than $18 million of that total, rebounding nicely from October’s football bloodbath.
Basketball betting moved into full swing in November and Nevada sports betting benefitted greatly. Sportsbooks held better than 7 percent of the more than $152 million wagered. That led to nearly $11 million in revenue for Silver State casinos.
Baseball futures came calling in November after the Boston Red Sox completed a World Series title run as a strong favorite. The Sox victory created a nearly $6 million loss in futures winnings for the books.