Nevada Sports Betting Shatters Monthly Handle Mark

Written By

Updated on

Nevada sports betting

The growth of legal US markets does not appear to be slowing down Nevada sports betting.

Nevada sportsbooks took a record $786.5 million in bets during September, according to a Nevada Gaming Control Board report released Wednesday. Online sports betting in Nevada hit $495.3 million, or 63% of the overall handle.

The previous record handle in Nevada was $659.9 million in October 2020. September’s handle was an 84% increase from $427.4 million in August 2021 and a 36.7% increase over the $575.1 million in September 2020.

Nevada sportsbooks turn in strong revenue

Nevada sportsbooks generated $54.2 million in revenue during September, good for a 6.9% hold.

September was the third-highest revenue total on record for Nevada sports betting, behind the $61.8 million in November 2020 and $56.3 million in September 2018. The revenue climbed 279% from August’s $14.3 million and 64.7% from the $32.9 million in September 2020.

Operators also held a remarkable 56.3% on parlays, good for approximately $4 million in revenue.

The state collected approximately $3.7 million in taxes from the sportsbooks.

Surprise: football drives Nevada sports betting growth

With football season back in full swing, bettors in Nevada threw down heavily on the sport. Football bets accounted for $477.7 million, or 61%, of September’s total handle.

Sportsbooks held 7.6% on the football wagers, generating $36.3 million in revenue.

Baseball was a close second with $216.8 million in wagers. The sportsbooks generated $12.2 million on baseball bets, a 5.6% hold.

The rest of Nevada sports betting:

Meanwhile, sportsbooks took a $1.1 million loss on basketball bets.

Keeping pace with the Joneses

Despite new legal US sports betting markets continuing to launch, Nevada’s handle grew despite pre-PASPA doubters. September saw several other markets hit new highs, including New Jersey sports betting, which became the first state to hit $1 billion in monthly handle.

Also hitting all-time highs:

Multiple states in the US launched legal sports betting in September, including Nevada’s neighbor, Arizona. While AZ sports betting quickly established itself as a potential top market, it did not appear to draw much away from Las Vegas during its first month.

Arizona regulators are set to release their first sports betting revenue report Nov. 29.