Nevada Enjoys Bounce In Sports Betting Revenues
Mike Goodpaster Published 08/09/2023
- 36% increase in NV betting revenues
- Sports betting handle dips in Nevada
- Nevada now third-biggest state for sports betting
Nevada posted a year-on-year increase of 36% in sports betting revenues during July. While the Silver State’s sportsbooks saw its sports betting handle take a slight dip, it still managed to be the third-highest state in the US in regards to the overall number of bets taken.
Nevada’s sportsbooks enjoy 36% revenue increase
Recently released figures from the Nevada Gaming Control Board shows that sportsbooks in the Silver State managed to earn revenues in excess of $25.2 million across the whole of July 2023. This is a 36% increase compared to July 2022 where Nevada sportsbooks only managed to claim revenues of $18.5 million.
There was also a revenue jump compared to the previous month too. This is because June 2023 only saw revenues of $9.5 million at sportsbooks in the Silver State. Such a small figure can be put down to the success of the Vegas Golden Knights in the Stanley Cup championship that saw the state’s sportsbooks paying out over $6.6 million to their customers.
In contrast, July saw Nevada’s sportsbooks enjoying a return to form in terms of their win rates that were a healthy 6.2%. All of this meant that the Nevada state coffers were able to collect $1.7 million in sports betting taxes for July.
A complicated picture of sports betting in Nevada
What’s remarkable is the fact that Nevada’s sportsbooks managed to turn a profit despite the fact that they actually took in less bets compared to the previous month. There was $408.2 million in sports bets placed in Nevada in July 2023, which is a 15% fall compared to the sports betting handle of $479 million in June. There was also a year-on-year fall in sports betting handle as $419.3 million was wagered on sports bets in July 2022.
Nevada has historically taken more bets in-person rather than online, but it looks like the tide might be turning. This is because Nevada’s sports betting apps took in 66% of the total number of bets in July which works out as $268.2 million in sports bets. While this is a far amount less than the 90% that betting apps usually take in other states, it still shows that progress is being made.
It hasn’t just been a great month in terms of revenues for Nevada’s sportsbooks, because the annual revenues for these sports betting platforms are also up 12%. The past 12 months have seen the Silver State’s sportsbooks generated $467.3 million which is a fair amount higher than the $417.4 million produced over the same period a year ago.
All of this is doubly impressive due to the fact that people in Nevada have actually been spending less money on sports betting in 2023 compared to the previous year. This year has seen $4.41 billion spent on sports bets in the Silver State which is a 7% fall compared to the $4.73 billion recorded in the first seven months of 2022.
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Nevada hits the top five of US sports betting states
The recently released figures showed that Nevada has maintained its position as one of the most popular states for sports betting in the US. The fact that over $408 million bets were taken in the Silver State meant that Nevada is now in third-place in terms of the sports betting handle in different states.
In first place is New York that took $966.5 million in sports bets throughout July 2023, while New Jersey held second place with a total sports betting handle of $587 million for the month.
Nevada managed to edge ahead of Pennsylvia who took in $338.4 million in sports bets, while Massachusetts recorded a respectable sports betting handle of $296 million. It’s also worth noting that Illinois is expected to crack the top five when it releases its sports betting figures at some point this month.
While Nevada has historically been the home of gambling in the US, it has taken its own idiosyncratic route to take part in the online betting revolution. However, early indications show that the Silver State still has what it takes to reap the rewards of the technological breakthroughs.
Conclusion - Positive news for Nevada’s online sportsbooks
Nevada has shown that it is well worthy of its place as one of the best states for sports betting in the US. The state has managed to rebound with impressive revenues this July, despite an overall lower number of bets being taken. Plus with more people in Nevada now opting to use mobile apps for their wagering, it looks like things are looking up for sports betting in the Silver State.