Nevada Sports Betting Handle Stays Below $1 Billion In November

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Nevada sports betting November 2022
Credit: Don Wright / The Associated Press

Nevada sports betting handle fell compared to last year for the fourth month in a row, according to the November gaming report from the state.

Handle — the total money wagered — hit $927 million in November 2022, a 14.5% drop from last November, though the state’s busiest betting month since January.

Sportsbooks held 4.06% of money bet, their fourth worst month of the year on that front so far, according to the monthly report. That translated to $37.6 million in Nevada sports betting revenue and $2.5 million in taxes, a 47% drop from the record-setting November 2021.

Only New York and New Jersey reported higher handles for November 2022, among states to share sports betting revenue figures so far.

Parlays take biggest hit

Each sport took less in bets and generated less revenue than last year, while parlays — typically the surest bets for operators — took the biggest hit.

Sportsbooks only kept 14.4% of money bet on parlays, a huge drop compared to last year when they kept 54.8%. Parlays attracted just over $7 million in handle, down $1 million from last year, while football and basketball led the way with $516 million and $261 million in handle respectively.

The Houston Astros winning the World Series proved a tough hit for sportsbooks, especially on futures bets. Baseball had by far the worst hold percentage at -17.75% in November. Basketball had the second worst at 3.7%.

Online betting accounted for about 70% of all wagers in Nevada.

Nevada sports betting handle still high

November handle was down compared to last year in New Jersey and Michigan as well, while Pennsylvania and Tennessee reported higher totals year-over-year.

Despite less betting over the past four months, Nevada’s yearly handle is still up about $700 million from last year. Sports betting revenue is down $37 million.