Nevada sets new record as September betting handle hits $746.5m

Nevada is the latest US state to report record figures for sports betting in the month of September, beating the $659.9 million handle record set in October last year.

According to the latest gaming revenue report published by the Nevada Gaming Control Board (NGCB), the state’s regulated sports betting market brought in $786.5 million in handle last month, the highest for the precinct so far. The figure shows a massive jump of 84% from the $427.4 million posted in August, and it is also 36.7% higher than the $575.1 million handled in the same period last year.

A breakdown of the numbers reveals that Nevada online sportsbooks accounted for 63% of the state’s sports betting handle.

The amount staked via online apps in September was $495.3 million, up 67% from the $296.5 million posted in August. The state’s mobile handle also increased by 57% year-on-year when compared to the $315.5 million reported in September 2020.

Sports betting revenue more than triples in September

The massive increase in betting action saw the state’s revenue grow nearly four-fold as operators held $54.2 million or 6.87% of the total wagers staked. Compared to August’s $14.3 million, September’s sports betting revenue was up by 277.9% month-on-month, and it also climbed by 64.7% year-on-year when compared to the $32.9 million won in September 2020.

The $54.2 million hold was the third highest for Nevada after November 2020’s $61.8 million and September 2018’s $56.3 million.

A closer look at the figures also shows that the retail industry was the key driver of the state’s sports betting revenue growth in the month. Online sportsbooks posted a combined hold of $16.7 million, which is about 30.8% of the total win for the month.

The state collected about $3.7 million in taxes from licensees.

Football betting pumps up Nevada revenue

As expected, things are starting to look up for sportsbook operators across the country since the return of the NFL, and the numbers are bound to continue growing as the season heats up.

In Nevada, for example, the amount staked on football in September was about $478 million, which is approximately 61% of the total betting handle for the month. The revenue generated by the sport was $36.3 million, translating to an impressive win rate of 7.6%.

Baseball betting brought in $12.2 million in revenue from a handle of $216.8 million, indicating a 5.6% hold percentage.

The most lucrative betting market for Nevada licensees, however, was parlay cards. The market generated $4.04 million in revenue from a $7.2 million handle, which translates to a win rate of 56.34%. Basketball betting accounted for $7.4 million in wagers, while other sports reported a combined handle of $76.3 million.

Still silver for the Silver State

The gaming revenue report posted by the NGCB ranks the Silver State second in the US regulated sports betting market in September, behind New Jersey.

According to figures released by the NJDGE earlier this month, licensees in the Garden State took in $1.01 billion in the same month, making it the first precinct to post a $1b monthly handle in the country.

Pennsylvania takes the third spot nationally with a betting handle of $578.8 million, while Michigan comes in fourth with a tally of $386.3 million in bets. Indiana and Iowa also reported record numbers with $366.3 million and $210.4 million in handle, respectively.

However, Michigan’s position is likely to be challenged by Arizona, which is yet to release its revenue report for September.