No Records For Nevada Sports Betting in November but Year-Over-Year Revenue Numbers Up

Nevada went against the national trend of increased sports betting activity in November, being one of the few states to experience a decrease in monthly sports betting handle compared to the previous year, even at some of our top sportsbooks.

The November report from the Nevada Gaming Control Board showed positive results for the Silver State, although not as strong as other states like New York, New Jersey, and Pennsylvania. Many were expecting a record handle for Nevada sports betting in November, similar to the impressive numbers seen in those other states.

In the first 11 months of 2023, Nevada has seen a 5.1% decrease in overall sports wagering activity. However, state sportsbooks have experienced a year-over-year increase in revenues during this time.

$921.1 million November handle

Silver State bettors wagered a total of $921.1 million through Nevada sports betting apps and retail providers, with some taking advantage of promos offered by Nevada sportsbooks. This fell short of the anticipated record-breaking $1.1 billion handle that some had predicted for the state.

In 2023, November was the second-highest month for handle at Nevada sportsbooks, coming in just behind January’s $935.8 million. This was still nearly $180 million lower than the record-breaking $1.1 billion handle reported in October 2021.

Nevada sportsbooks experienced a second consecutive decline in handle for the month of November. In November 2021, the state saw $1,086,010,454 in sports bets, while November 2022 saw approximately $929 million in wagers.

While Nevada sports betting sites were pioneers in the industry, they fell behind mobile providers in other states, with over 90% of their bets coming from betting apps. In November, Nevada sports betting sites accounted for 67.8% of the state’s total handle of $624 million, while retail sports betting contributed $296.6 million.

So far this year, Nevada sportsbooks have collected $7.4 billion, which is a 5.1% drop from the same period in 2022.

Revenues up year-over-year

Nevada sportsbooks experienced an 8.8% increase in revenue despite a small decrease in year-over-year handle. However, the profits from September and October, when the win rate for sportsbooks surged to 8.4% in October and 7.7% in September, were unmatched by providers in the state.

The state’s sports betting providers generated $40.1 million in revenue, with a 4.45% hold, which is consistent with the typical range for sports wagering providers in the state. The national average win rate is approximately 7%.

In November 2022, Nevada sportsbooks made a profit of nearly $37.7 million with a hold percentage of 4.1%.

Nevada sportsbooks have reported $422.3 million in revenues for the first 11 months of 2023, showing an 8% increase compared to the same period last year.

Tax contributions of $2.8 million were received by state and local coffers in November, bringing the year-to-date total to $28.5 million. This is $2.1 million higher than the amount received through the first 11 months of 2022.