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Nevada sports betting revenue suffers 56% month-on-month slump

Caesars Entertainment sports betting app

Nevada sportsbooks saw a 4.32% month-on-month increase in sports betting handle in August, according to the latest gaming revenue report published by the Nevada Gaming Control Board (NGCB).

The numbers show that the state’s licensees took in a combined $427.4 million in August, up $17.7 million from the $409 million processed in July. However, compared to the Nevada betting handle of $475 million posted in August 2020, the total value of bets wagered last month declined by almost 10% year-on-year.

Of the total value of sports wagers handled by licensed operators in the state, $296.5 million came in via mobile betting apps, representing 69.4% of the total handle. The amount handled by mobile sportsbooks in the previous month was $242.0 million, meaning that August’s mobile handle increased by 22.5% month-on-month.

When it comes to revenue, the total amount held by operators in the state was $14.3 million, translating to a 3.34% win rate. When compared to the $33.3 million won in July, August’s sports betting revenue was down by 56.9% month-on-month.

The combined revenue generated by mobile sportsbooks was $8.7 million, and the total amount paid to the state in taxes was $968,153.

The hold posted in the month is the lowest for the state in the last 13 months.

Baseball tops Nevada sports betting

When it comes to the wagering on sports in Nevada, the lion’s share of the Silver State’s handle in August came from baseball betting at 65% or $277.6 million. The amount staked on the sport in July was $227 million, indicating a 22.3% growth.

Of the total amount wagered on baseball, licensees held $10.3 million, which translates to a 3.7% hold percentage.

The start of NCAAF in early August and the NFL preseason schedule saw the amount wagered on football take a massive jump from $948,317 in July to $42.9 million in August, making it the second most popular sport in the state by betting handle. The revenue generated by the sport in the month was $73,000.

Basketball, on the other hand, posted a handle of $14.9 million in August, but the amount paid out by sportsbooks was almost $1.1 million more than the total wagered on the sport. The negative revenue was a result of players cashing out winnings on futures bets placed last season.

Parlay cards posted a handle of $89,755, while hockey betting came in at $49,060 in wagers. The combined betting handle for other sports not listed individually was $91.8 million, and the revenue generated by these sports was $5.45 million.

Nevada’s GGR exceeds $1 billion for sixth straight month

Nevada’s gross gaming revenue (GGR) topped the $1 billion mark for a sixth straight month in August, according to the report published by the data NGCB.

The combined GGR for casinos in the state during the month was $1.16 billion, a slight decrease from the $1.35 billion reported in July. However, compared to the same month last year, last month’s revenue was up by 57% year-on-year. Also, the figure was 22.3% higher than the revenue posted in August 2019.

Clark County had the highest revenue numbers in the state, at $993.4 million. Of the total gaming revenue posted by licensees in the county, about $625.7 million came from the Las Vegas Strip area, which represents more than 50% of the state’s GGR.

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