Nevada Sportsbooks Dip In August Revenue, Handle

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Nevada sportsbooks

Nevada sportsbooks totaled $409 million in handle during the month of August, down 2.5% from July ($419 million.) 

That NV sports betting number is also down 4.3% compared to August 2021.

It is the state’s lowest monthly total for the year, albeit right at the tail end of the slower portion of the annual US sports betting calendar. 

Sportsbooks produced $16 million in revenue on just 3.9% hold, the same rate as July. By comparison, the average US hold since the fall of PASPA is 7.3% and Nevada’s historical hold is 5.4% over decades of operation.

NFL August bettors beat Nevada sportsbooks

August is widely considered a slower month given that there is only preseason NFL and regular season MLB offered among the major sports throughout the calendar. 

Bettors crushed the books during the NFL preseason, with the books losing $423,000 off just over $50 million wagered on football. Sharp NFL bettors tend to wager heavily in preseason, likely accounting for the reduced win.

Meanwhile, the books made over $13 million on MLB off more than $270 million wagered on baseball. 

Nevada sportsbooks were losers in NBA ($1.2 million loss) and NHL ($409,000 loss) as futures continued to come in. They made up for it in the “other” category ($4.7 million.) 

Nevada handle still respectable in US

Online sports betting made up 71.7% of total August handle in Nevada ($293 million.) 

Of states reporting so far, only New York ($877 million) and New Jersey ($547 million) had a higher sports betting handle than Nevada in August. 

It is expected that Nevada will see a spike, like other states, given the NFL regular season is in full swing.

What else could drive NV take?

October will also bring the MLB playoffs, along with the start of the NBA and NHL regular seasons, giving bettors a more expanded menu on which to wager. That should mean an increase in handle and revenues. 

Last season, Nevada reached more than $1 billion in sports betting handle from Oct. 2021-Jan. 2022. 

Las Vegas will host the Pro Bowl Games on Feb. 5, 2023. It will not be a traditional Pro Bowl game, however. Instead, there will be a flag football game and skills competition.