Nevada sportsbooks report record-high revenue for July

Nevada sports betting revenue and handle hit a record high in July, pushing the state to second position in the country after New Jersey.

According to figures posted by the Nevada Gaming Control Board, bettors in the Silver State wagered US $409.7 million last month, marking the best-ever July for the jurisdiction’s regulated market. However, the handle was down by 25% month-on-month when compared to the $545 million booked in June.

In terms of revenue, operators won $33.3 million in the month, translating to a hold percentage of 8.12%. The total hold posted by operators in the previous month was $29.2 million, indicating an increase of 14% month-on-month.

A closer look at the report shows that online sportsbooks handled 59.1% of the total bets placed by Nevada bettors in July at $242 million. The state’s mobile handle dropped by 23% month-on-month when compared to the $314.3 million reported in the month prior.

The revenue posted by mobile sportsbooks in July was $13.5 million, down 8.2% from the $14.7 million reported in June.

Michael Lawton, Senior Economic Analyst for the Nevada Gaming Control Board, said: “Both win and volume are all-time records for the month of July.”

The record figures pushed the total revenue generated by Nevada sportsbooks since the legalization of regulated wagering in the United States to over $1 billion, making the state the second to achieve the feat in the country after New Jersey. The Garden State also crossed the $1 billion yardstick in July.

Baseball betting tops the pops

According to the report published by the NGCB, baseball betting was the biggest driver of the solid figures posted by the state’s licensed sportsbooks in the month of July, which is not surprising given the slow sports schedule in summer.

The total value of wagers placed on baseball during the month was $227 million, representing about 55% of the state’s handle. Of the total amount wagered on the sport, operators retained $18.5 million, translating to a win percentage of 8.45%.

Basketball reported the second highest betting handle at $77.3 million, with licensees holding $5.8 million of the wagers. The hold percentage for the sport was 7.88%.

Hockey betting posted a handle of $8.8 million and 235,000 in revenue, while other sports reported a total hold of $8.9 million from a $95 million handle.

Football, on the other hand, saw $948,317 in betting handle in July, a slight increase from the $566,626 in the previous month. However, the sport reported a gross gaming revenue loss of about the same amount as sportsbooks settled winning bets from last season.

Clark County stays top in Nevada

Just like in the previous months, Clark County topped the Nevada sports betting charts in July, with a GGR of $31.1 million.

Of the total revenue reported by regulated sportsbooks in the county, $13.9 million was generated by licensees in the Las Vegas Strip area, with Downtown Las Vegas coming in second with roughly $9.0 million in revenue. Sportsbooks in the Boulder Area won around $1.6 million in the month.