Nevada Sports Betting Market Surges With College Football Playoff In Tally

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Nevada sports betting

The US sports betting industry is shaping up for another record-breaking month with Nevada reporting strong results in January.

Nevada’s sportsbooks handled $646.5 million in bets last month. That’s just the fourth time the state has broken the $600 million mark, with the total just 2% off the record set in October.

Sports betting revenue was also the second-highest in Nevada history at $52.4 million for an 8.1% hold. That amounted to $3.5 million in tax revenue based on Nevada’s industry-low 6.75% rate.

Nevada puts US sports betting on track for record

With NV sports betting results now in, January’s US sports betting handle and revenue totals are $3.4 billion and $306.8 million, respectively.

The tally is still missing results from a few states including Colorado and Illinois, which means January will likely be the first month the US tops $4 billion in handle.

Neither of those states will likely break the top three, though. Nevada’s results track second behind the NJ sports betting market, which reported $958.7 million in handle. PA sports betting is third with $615.3 million.

NV still trailing in mobile share

The coronavirus pandemic is likely still having an outsized impact on Nevada compared to other markets, but there’s another factor limiting its sports betting results.

Nevada reported just $363.8 million in mobile handle, which is just 56.3% of the total. That’s compared to 92.5% in New Jersey and 94.3% in Pennsylvania last month.

Mobile revenue, meanwhile, was just 44.2% of the total with $23.1 million.

Nevada, of course, still requires in-person registration, which limits mobile betting growth. There was a chance that could have changed late last year, but a hearing to discuss the change was eventually canceled.

Basketball outshines football

Fewer football games across the NFL and college slate let basketball slip into the top spot last month in terms of handle.

Bettors wagered $293.1 million on basketball compared to $288.3 million on football in January. Football still held the top spot for revenue, though, with $25.6 million compared to $22.2 million for basketball.

Hockey handle hit $23.8 million for the month but lagged behind the “other” category, which accounted for $37.2 million.