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.
Cue the Dr. Evil voice: ‘1 billion dollars’
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:
- Nevada: $581 million
- New Jersey: $330 million
- Mississippi: $45 million
- Delaware: $16 million
- West Virginia: $12 million
- Pennsylvania: $1.4 million (two weeks)
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.)
Breaking down Nevada sports betting numbers
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.