Nevada Sports Betting Handle Down Year-Over-Year Again in May 2024

In May, Nevada saw a concerning trend of decreasing sports betting activity compared to the previous year, causing it to lose its status as a top-five legal sports betting jurisdiction in the U.S. Meanwhile, our top sportsbooks across the country are thriving.

In April, the Arizona sports betting market surpassed Nevada for the first time ever in terms of monthly handle, pushing Nevada out of the top five. In May, several states have already reported higher sports wagering numbers than Nevada, which is currently ranked sixth in overall sports betting handle for the month.

In May, sports betting in New York, New Jersey, Pennsylvania, Massachusetts, and North Carolina has already exceeded the betting handle of Nevada.

With strong markets like Illinois and Ohio leading the way in sports betting, and popular scenes in Colorado, Virginia, and Arizona yet to be included, there is a possibility that Nevada, the historic leader in legal sports betting in the U.S., could potentially drop out of the top-10 jurisdictions based on the latest revenue report from the Nevada Gaming Control Board in May.

$515.1 million May handle

In May, the top sportsbooks in Nevada collectively received $515.1 million in bets, contributing to the ongoing decline in the state’s sports betting industry.

May’s total of $513.8 million marks a 2.3% decrease from the $527.2 million reported in May 2023 and a 9.4% drop from the $569.3 million reported in April.

Nevada has received $3.4 billion in funding this year, a decrease of 5.3% compared to the same period in 2023.

May marked the third consecutive month of year-over-year handle declines, leading to a decrease in the year-to-date handle.

In May, Nevada sports betting apps saw lower usage compared to the top-five legal sports betting jurisdictions in the country, which experienced a 97% increase. Nevada sports betting sites accounted for 68.2% of the overall handle in May, generating $351.4 million in wagers for the month.

Better news on revenues

Despite the unflattering news about the handle, Nevada sportsbooks experienced a double-digit percentage increase in monthly revenues in May compared to both the previous month and the same time last year.

In May, the Nevada Gaming Control Board reported $36 million in sports betting revenues, showing a 19.8% increase from the previous year when revenues were nearly $30.1 million. This also represents a slight improvement from April’s revenues of nearly $30.8 million.

Although the year-to-date handle has decreased, revenues for the first five months of the year have increased by 5.6% to $209.2 million.

Tax revenues in the state reached $2.4 million from adjusted gross revenue, bringing the year-to-date total to $14.1 million in tax contributions. This is approximately $755,000 ahead of last year’s pace.

Playoff action mitigates Super Bowl losses

The impact of the Super Bowl in February continues to impact the profits of Nevada sports betting apps and retail outlets, with $3.4 million in winning tickets still being cashed in May, long after the NFL season has ended.

Thanks to playoff action in both the NBA and NHL, the Nevada sports betting scene saw a solid revenue month in May. NBA betting alone brought in $17.2 million in revenue, marking a 43.7% increase from the previous year. This success can be attributed to a $183.8 million handle and a 9.3% hold rate, which is more than two percent higher than the state’s average win rate of 6.99%.

Hockey saw a boost in revenues in May, with $42.5 million in wagering action contributing to a near 8% win rate and generating $3.4 million in revenue for the month.

Betting on baseball generated $11.1 million in revenue with a 5.5% hold, while other sports (including tennis, MMA, soccer, golf, and auto racing) brought in $7.8 million in profits with a 9% hold in May.