Nevada Rides Good Hold Rate to Sports Betting Revenue Spikes for January

Despite a slowdown in Nevada sports betting activity in January, the state’s top sports betting sites still had a successful month.

While the total sports betting handle in Nevada decreased, there was a significant 28.4% year-over-year increase in revenues. January marked the fourth-highest month for sports wagering revenue in the state’s 68 months of operation.

The top sports betting apps in Nevada saw impressive revenue totals in the first month of 2024 thanks to a high win rate. Football bets had a 10.9% win rate, generating $38 million in revenue for state providers, the highest numbers of the season. Retail sports betting also performed well against users of Nevada sportsbook promos, with a 12.6% win rate.

$782.9-million January handle

Activity at the top sportsbooks in Nevada in January was a bit underwhelming, with a 16.4% decrease in accepted wagers compared to the previous year. Wagering also saw a 7.2% drop from December, totaling $782.9 million.

In January, approximately 65% of sports wagering activity in Nevada was attributed to the top sites offering the best sportsbook promotions. While the Nevada mobile handle, along with overall sports betting activity, experienced a decrease of just 12.5% compared to the previous year.

Revenues tell the story

The best live betting sites in Nevada achieved an overall win rate of 8.7%, the highest seen since October 2023.

According to the Nevada Gaming Control Board, the total revenue from sports betting in January was $64.7 million, which marks a 28% increase from the $50.44 million reported in January 2023.

The sports betting handle in January increased by 9.5% compared to December, reaching approximately $64.7 million, despite December having a higher handle in the state.

At the same time, the impressive revenue generated brought in $4.4 million in tax revenue for the Silver State. Nevada is now on the brink of reaching the significant milestone of $150 million in lifetime tax contributions from state sportsbooks, with just under $100,000 left to go.

Sports breakdown

In January, the top NFL betting sites saw the highest number of bets placed, with football being the primary source of revenue. Football wagers totaled $354.5 million in January, marking a 17.5% decrease from the $429.9 million wagered in January 2023.

On the other hand, a staggering $185 million was wagered by individuals betting on the Big Game through top Super Bowl betting platforms.

Due to unexpected outcomes in the NFL playoffs and the end of the college football season, Nevada saw a 33.9% increase in football wagering revenues, totaling $38.5 million.

In January, the top NBA betting sites remained highly sought after, with $317.5 million in wagers accepted in the Nevada market. However, the amount of bets placed on basketball games was 19.1% lower compared to the previous year. Nevada sportsbooks saw a 5.8% win rate, resulting in $18.4 million in revenue, a 19.8% increase from the previous year.

In January, there was a significant increase in betting activity for sports such as tennis, boxing, MMA, and auto racing. These sports collectively brought in $69.3 million in wagers, reflecting a 16.1% rise from January 2023. Additionally, they generated $5.7 million in revenue.