Nevada Experiences Sports Betting Drop in December

Nevada ended 2023 with a somewhat lackluster December in terms of sports betting activity, but saw an increase in revenues for both sports betting apps and retail providers due to a higher hold rate for state providers.

The December report from the Nevada Gaming Control Board provided insight into the mixed year-end figures for the Silver State. While the overall handle in 2023 decreased compared to 2022, revenues for state sportsbooks saw a year-over-year increase.

$843.5 million handle

In December, Nevada sports betting recorded a total of $843.5 million in accepted bets, falling slightly short in comparison to other states that have disclosed their December earnings.

In December, there was a decrease in sports wagering activity with $843.5 million, showing an 8.5% drop from the previous month and a 4.3% decrease compared to the same month in 2022 when $880.5 million was reported.

The top sports betting apps in Nevada accounted for $562.3 million in wagers, representing approximately 67% of the total betting activity in the state in December. Retail sports wagering, on the other hand, contributed a respectable 33% to the state’s total haul for the month.

The sports betting activity in December brought the total Nevada handle for the year to $8.26 billion, which is a 5% decrease from the accepted bets total reported in 2022.

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Revenues on the other hand

While sports betting activity in Nevada may not have been impressive in December, the revenue generated did catch some attention, largely due to a 7% hold rate for state providers. This was a significant improvement compared to the 4.4% win rate in November and the 6.3% win rate in December 2022 for Nevada’s top sportsbooks.

In December, Nevada’s betting sites saw adjusted gross sports betting revenues of $59.1 million, marking a significant 44% increase from November’s total of $41 million. This also represents a 7.9% improvement from the revenue figures in December 2022.

The revenue of $59.1 million ranks as the sixth-highest in the history of Nevada’s sports betting industry.

Nevada’s sportsbook revenues in December generated nearly $4 million in tax contributions, bringing the yearly total to $32.5 million. This marked a 2.4% increase compared to the previous year’s total.

Other sports see biggest revenue gains

Nevada sportsbooks saw fluctuating revenue totals throughout the year, with some sports experiencing significant increases in year-long earnings, while others showed steady revenue growth.

The category of “Other” sports, including tennis, golf, soccer, auto racing, boxing, and MMA, generated $69.4 million in revenue for the year, representing a significant 31.1% increase compared to the previous year.

In 2023, baseball proved to be the second most lucrative sport for sportsbooks in Nevada, experiencing a 16.6% increase in revenue to reach $93 million. Meanwhile, basketball saw the third highest growth rate, with profits reaching $134.5 million, a 9% increase from the previous year.

Football was the most popular sport for betting in Nevada in 2023, with a total of $2.71 billion in bets accepted. This represented a 2.6% decrease from the previous year. Revenues from football betting reached $160.8 million, slightly lower than the total for 2022.