Sports results favored the books in November unlike October, which helped Nevada sports betting hit a revenue record last month.
Nevada reported $72 million in sports betting revenue for November on $1.086 billion in bets. It’s the second straight month Nevada topped the $1 billion mark for wagers with November’s handle just 1.3% lower than October’s.
That’s despite one fewer Friday through Sunday weekend compared to October.
Revenue was 16.4% over the previous record of $61.8 million, which was set last November. Handle jumped 78.2% from last November.
Handle from mobile accounts was $777.2 million, or 71.6% of the total market, according to the report.
Nevada sports betting made bank on football
The effects of the extra weekend of NFL betting and college football betting – as well as those operator-friendly results – were obvious in the betting breakdown.
Football accounted for more than half of all wagers with $558.6 million in bets for the month. But that was down 23.4% from October’s $729.3 million bet on the sport.
Hold was 9.5% on those football wagers, which brought football revenue to $53.1 million.
It was the first full month of NBA play that helped offset the one fewer weekend of football. Bettors wagered $376.1 million on basketball in the month, though a paltry 2.7% hold meant just $10.2 million in revenue for books.
Parlay handle fell off about 30% from October to $8 million in November. Operators held 54.8% compared to 37.3% in October, though, which led to a slight increase in revenue to $4.4 million.
Will November set new US records?
It looks like a new record for total US sports betting monthly revenue will be set in November. Whether handle hits a new high still depends on a few heavy hitters.
Total reported revenue from 16 jurisdictions is $451.9 million, which is about double the revenue reported by those jurisdictions last November.
Handle sits at $4.75 billion, meaning there needs to be more than $2.3 billion reported by the remaining eight jurisdictions that have not yet reported compared to October.
It should be close: those eight states, which includes Colorado, Illinois, Tennessee and Virginia, combined for $2.325 billion in wagers for October.
