Nevada Takes In Another Record For Sports Betting Handle With $460 Million In March

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March sports betting record Nevada revenue

Nevada continued to set records for sports betting handle every month in 2016, with nearly $460 million wagered in March, the vast majority of that bet on basketball.

The top-line look at March sports betting

Nevada sportsbooks took $459 million in bets in March, according to figures from the Nevada Gaming Control Board released today, the vast majority of that coming on professional and college basketball. March is the biggest month for basketball betting, with the men’s NCAA basketball tournament — aka March Madness — and the NBA regular season winding down.

That’s up about $50 million over March of last year and an increase of $100 million over the handle in March of 2013, according to historical data on sports betting in Nevada

Overall revenue, however, was down in March, year over year. The sportsbooks won just $9.7 million, as they had to pay out about $13 million in old winning football tickets. That’s down significantly from the $18.5 million win for sportsbooks last March.

Basketball is big business in March

Out of the money wagered in March, more than $422 million was bet on hoops. The lion’s share of that came on March Madness:

The books won $21.5 million on basketball bets, for a hold of 5.1%.

Other sports and parlays accounted for a small percentage of revenue and handle; bettors wagered $32 million on parlays last month.

Records keep falling for sportsbooks

So far, 2016 has been a banner year for money coming into sportsbooks:

For the first three months of the year, there has been roughly $1.3 billion wagered in Nevada. That’s an increase of about $183 million over the first quarter of 2015.