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A record-shattering March Madness performance demonstrated the continued might of Nevada sports betting on the national scene. The competition from the East, though, continues to make strides as well.
Nevada sportsbooks posted $21.6 million in revenue on $328 million in handle during April, equating to a hold of 6.6%. That win falls in line with both the three-month (6.5%) and 12-month (6.1%) averages for Nevada sports betting.
Nevada books improved upon April revenue year-over-year for the third consecutive year, besting the $315 million from 2018. April generated $287 million in handle in 2017 and $292 million in 2016.
The positive trend for Nevada is matched by one from across the country though. New Jersey sportsbooks closed a sizable gap from March to the closest one yet last month.
NJ sports betting revenue clocked in at $21.2 million, roughly $400,000 behind Nevada for the month. Handle in New Jersey topped $313 million, just $15 million short of the longtime king of legal sports betting.
Those figures expectedly fell in March, when NJ books took $372 million in wagers and collected nearly $31.7 million in revenue. Those totals are more than respectable but pale in comparison to Nevada’s nearly $600 million in handle. They do match closely in revenue with the Silver State‘s $32.5 million.
Every month in 2019, more than 80% of NJ sports betting revenue came via a mobile device. While Nevada sports bettors certainly enjoy plenty of options for mobile wagering, technology appears far more advanced on NJ sports betting apps.
Nevada sportsbook operators say mobile wagering ranges from roughly 60 to 70% of handle in a given month. Of course, Las Vegas holds the advantage over Atlantic City in terms of in-person amenities that drive retail wagering that balances out the difference.
Vastly superior user interfaces and the ability to register for an account without having to go to a sportsbook certainly help New Jersey make this current push. Nevada sports betting’s place on the throne still appears safe but innovation will be required sooner than later to stay there.
Baseball and basketball wins offset the usual Super Bowl futures coming home to roost.
Baseball betting generated $10 million in revenue while basketball brought in $7.8 million. Both held about 7.5% of wagers.
Nevada books lost $4.7 million on football in April as New England Patriots tickets continued to pour in. The usual bounty on parlays produced little, with just $173,000 in handle generating only $13,000 in profit.
The next installment in the discussion happens in roughly two weeks when New Jersey releases its May report.