The numbers are still staggering, but the handle isn’t as high in the Silver State.
The Nevada Gaming Control Board reported a total sports betting handle of just under $922 million in November. This figure is slightly lower (0.7%) than the $928 million recorded for the same month in the previous year.
Mobile Wagers Remain Very Popular…But
Nevada has abundant retail wagering options but is also home to 14 online sportsbooks. And as it turns out, mobile wagers tend to be the most popular. The Silver State saw its mobile betting handle reach $625 million, accounting for almost 68% of total wagers.
However, the mobile handle for the month was down $17.5 million compared to November 2022.
Nevada’s online sportsbooks have not yet reached the industry standard of 7% in any month since 2020, and the hold percentage was below 5% for the eighth time this year.
There is Some Good Sports Betting News Nevada
Although the handle was down, the adjusted gross revenue of $41 million was nearly 9% higher than last year. In November, Nevada sportsbooks won more than $40 million, an 8.8% increase year-over-year. The state’s sportsbooks had a hold percentage of 4.45% in November 2023, compared to 4.05% in November 2022.
The year-to-date revenue of $422.3 million is up 8% from the same period last year. The 5.7% win rate is up seven-tenths of a percentage point. It is roughly in line with the overall hold of 5.68% that Nevada sportsbooks have posted on close to $37 billion handle in all-time sports wagering since it became available on a state-by-state basis in 2018.
But the good news doesn’t stop there. Nevada had a hold percentage of 4.45% in November 2023, compared to 4.05% in November 2022. And the state collected nearly $3 million in state taxes from sports betting in November. The $28.5 million in state coffers this year is $2.1 million ahead of last year’s pace.
The Strip Still a Popular Place to Bet
People still love betting on The Strip, which generated almost $821 million in revenue in November. That’s nearly 23% better than the $669.5 million generated in November 2022.
This increase in revenue can be attributed to the F1 race that took place the weekend before Thanksgiving, which is typically the second slowest weekend of the year. Despite the hardships caused by repaving and construction that disrupted traffic and nearby businesses, the F1 race was a financial boom for the city.
The all-time Strip record was set in July 2023, with revenues reaching $834.9 million1. Strip revenues are now up 7% for the year, with December’s revenue yet to be tallied.
Nevada’s November Results Not Surprising
The lukewarm results in November were not unexpected in Nevada. The nationwide gaming market expansion has led to a more competitive environment, with many states legalizing sports betting. This has resulted in a more fragmented market, with a larger number of operators vying for a share of the pie.
Now we’ll wait to see what December may bring.
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