Nevada Underscoregs See Nearly Double Month-Over-Month Handle Gains

The Las Vegas Raiders have struggled since their return to the NFL, but Nevada sports betting apps, retail providers, and top sports betting apps have all seen a significant boost in business.

In September, sports betting in Nevada saw its highest monthly revenue since March, landing just outside the top 10 all-time. The state’s sports wagering activity was the third-best ever, solidifying its reputation as the “Grand Daddy of Gambling States.”

$811.2 million handle reported

The resurgence of professional and collegiate football resulted in a combined retail and mobile handle of $811.2 million for Nevada. This figure is nearly double the $431.6 million handle from August and represents a 6.6% increase compared to the $761.1 million in bets taken in September 2022.

In August, football betting alone totaled $510 million, making up almost 63% of the total bets placed. This amount is nearly $80 million higher than the combined total of bets placed on all other sports during the month.

In Nevada, mobile sports betting accounted for 66.4% of the total handle, totaling approximately $538.8 million, although it still trails other leading states in terms of percentage. The online handle has increased by 9.6% compared to the previous year.

After including September’s numbers, Nevada became the second state to surpass the $35 billion handle milestone in the post-PASPA era, following New Jersey as the first.

Adjusted gross revenue third highest ever

Similar to the surge in sports betting handle in Nevada in September, the revenues for the top mobile providers and retail sportsbooks in the state also experienced significant month-over-month growth. September’s adjusted gross revenues ranked as the third highest ever recorded in the Nevada legal sports betting industry.

In September, Nevada’s top sportsbooks saw a significant surge in adjusted gross revenues, totaling $62.3 million. This marked a 244% increase compared to the previous month of August. Despite this growth, the revenues were down by 11.8% compared to the same period last year.

In Nevada, retail sports betting generated $33.3 million in revenue, largely due to the 12.4% hold for retail providers in the state.

Nevada sportsbooks collected $4.2 million in taxes in September, contributing to state and local coffers.

Win rate was a win for Nevada books

The most significant highlight from Nevada’s September sports betting report was the record-breaking win/hold rate. Nevada sports betting outlets achieved a remarkable 7.7% hold rate, the highest in the state’s history. This marked the first time in the past year that the win rate for Nevada sportsbooks exceeded 7%.

In comparison, the Nevada sportsbook win rate in August was 4.2%, with the previous record for the state being a 6.3% hold in February.

Mixed results for year-to-date numbers

As 2023 nears its end, Nevada sportsbooks are taking stock of how this year’s performance measures up to 2022. The outcomes are varied.

The year-to-date 2023 handle, including September’s figures, is just shy of $5.7 billion, showing a somewhat unexpected decrease of 4.8% compared to the same period last year.

In the first nine months of 2023, revenues total $131.2 million, showing a 5.7% growth compared to the previous year. Nevada state and local coffers have collected $4.2 million in taxes thus far this year.