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Nevada sportsbook operators post record revenue in November

Nevada posted record revenue in sports betting in November

Sportsbook operators in Nevada took more than $1 billion in wagers for the second straight month in November, according to the latest gaming revenue report published by the NGCB.

The state’s sports betting handle for the month was $1.086 billion, a decrease of 1.3% from the record $1.1 billion wagered in October but up by 78.2% from the $609.4 million posted in November last year.

Despite the slight drop in handle, the revenue generated by the market climbed by an impressive 49% from October’s $48.3 million hold to hit $72 million. The figure indicates a win rate of 6.6%. The hold is the highest for Nevada so far, exceeding the previous record of $61.8 million achieved in November 2020 by 16.4%.

The state, which is blossoming into one of the biggest US betting areas, collected approximately $4.9 million from the industry in taxes for the month, the second time the monthly tax revenue exceeded $4.0 million.

Mobile Betting is Driving Nevada’s betting Growth

Mobile licensees handled $777.2 million of sports bets staked in the month to set a new record. The figure represents just over 71% of the state’s total betting handle. Compared to the $703.8 million reported in October, November’s internet handle showed an increase of 10.4% month-on-month, and it was also up by 126% from the $343.9 million posted in the same period last year.

The mobile betting market generated $35.0 million in revenue for the month, up from $16.9 million in October.

Commenting on the numbers, Nevada Gaming Control Board Senior Research Analyst Michael Lawton said:

“The continued acceptance of mobile sports wagering by customers is driving these results,” he said.

“This month represented the highest monthly total recorded in mobile (bets) since the Board began tracking these wagers in January 2020.”

Despite the impressive numbers, Nevada’s online sports betting market is yet to catch up with the likes of New Jersey (NJ betting sites) and Pennsylvania where mobile sportsbooks generate more than 90% of the overall handle.

Football accounts for more than 50% of state’s handle

Over 50% of the sports bets staked in the Silver State last month came from football bettors, according to the NGCB report.

The sport brought in $558.6 million in wagers for the month, down by 26% from October’s $72.3 million. In terms of revenue, football betting generated $53.1 million in wins for sportsbooks in November, up from $29.8 million in October.

A full month of professional basketball and the start of NCAA basketball on November 9 saw the handle for the sport soar to $376.1 million, an increase of 110.9% from the $110.9 million posted in October. The hold for basketball was $10.2 million, translating to a win rate of 2.71%.

Hockey accounted for $63.9 million of the handle for November, up by 42.8% from the $42.9 million reported in October. The hold for the sport was $3.0 million, up from $1.1 million in October. Baseball, on the other hand, posted $11.7 million in handle for the month but its hold was $1.63 million in the red.

Parlay cards brought in $4.4 million in revenue for sportsbooks from a handle of $8 million, while other sports generated $2.93 million in wins from a $67.7 million handle.

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