Nevada sportsbooks posted a 2022 monthly low $419.4 million in sports betting handle in July.
Still, that figure, released Tuesday by the Nevada Gaming Control Board, represented a nearly $10 million increase from July 2021 year-over-year ($409.7 million).
Nevada sportsbooks netted just $16.2 million in July 2022 revenue, however, with a relatively low 3.9% hold keeping that number low.
NFL season should provide boost for Nevada
That’s compared to $33.3 million in revenue in July 2021, when the NBA and NHL playoffs were still ongoing due to the coronavirus pandemic.
Since the fall of the federal sports betting ban, US sportsbooks have averaged 7.2% hold, though that number has typically been in the 5-6% range in Nevada.
Nationwide, sportsbooks have had handle and revenue dips during the summer, with lesser options available for bettors.
But that trend should reverse as the 2022 NFL season kicks off in September.
Last NFL season, Nevada sportsbooks posted four straight months over $1 billion in handle (Oct. 2021-Jan. 2022). Nevada is on pace to finish 2022 with nearly $10 billion in handle, which would represent a 20% increase from 2021.
FanDuel brand coming to Nevada
In July, online sports betting accounted for $273.7 million of the handle total, and $14.5 million in revenue. Baseball accounted for $289.8 million of handle, and $19.1 million in revenue. But Nevada sportsbooks during the month lost $5.8 million combined in football, basketball and hockey.
Nevada’s handle numbers come on the heels of the news that FanDuel Sportsbook will make its debut in the state next year.
The Nevada Gaming Commission signed off on FanDuel’s entry into the state at a meeting last week after the Gaming Control Board recommended approval earlier this month. Fremont Casino in downtown Las Vegas will rebrand its sportsbook under the FanDuel name as part of a $50 million expansion. The sportsbook is expected to open “early next year,” according to a joint release.
Even though the sportsbook will have the FanDuel branding, it will not operate much differently than the current book. That is because while FanDuel is supplying the odds, Boyd will remain in control of the sportsbook.