Nevada, the pioneer of legalized sports betting, recently unveiled its October revenue report, showcasing both positive trends and concerns for state regulators. The combined efforts of Nevada sports betting apps and retail providers resulted in the third-highest revenue month on record.
According to researchers with the Nevada Gaming Control Board, October’s figures pushed the state’s adjusted gross revenues past the $2-billion mark since the Supreme Court lifted the nationwide ban on sports betting in 2018. Nevada joins the ranks of New Jersey, New York, Illinois, and Pennsylvania as the fifth state to achieve this milestone.
October Generated Big Sports Betting Numbers in Nevada
Nevada took in over $68 million in revenue in October and a hold of more than 8%. This figure ranks as the third-highest in the state’s history, following closely behind the nearly $72 million achieved in November 2021 and the almost $71 million in revenue the state generated in September 2022.
Notably, the revenue for October marked a significant uptick of almost 20% compared to the same month the previous year, and a 9.3% increase from September’s $62.3 million.
The News is Not All Good in Nevada
Sports bettors in Nevada placed bets totaling nearly $816 million, a slight increase from the nearly $811.4 million in September. But while the October numbers were big, there was a drawback. The optimism is being tempered by the fact that, for the second consecutive October, year-over-year handle numbers experienced a decline.
The total of $815.7 million in October reflects an 11.5% decrease compared to the $920.9 million recorded in October 2022. Moreover, it’s a significant drop from the state’s record of $1.1 million in October 2021.
Looking at the bigger picture, the year-to-date sports betting handle in Nevada has reached $6.5 billion. This figure is almost 6% lower than the betting activity during the first 10 months of 2022.
Football Betting is Fantastic for Sportsbooks in October
In October, football raked in a whopping $48 million in revenue for sportsbooks, and they managed to secure a win rate of nearly 9% on those bets. This marks only the fourth time in recorded history that football has generated such big earnings in a single month.
Baseball also had a noteworthy performance in October, contributing around $9.5 million to the total revenue. However, it’s worth mentioning that these numbers include some future bets. Sportsbooks profited from some unsuccessful future wagers placed on baseball games.
Hockey, particularly fueled by the popularity of the Vegas Golden Knights, brought in more than $2 million in revenue. Given the ongoing enthusiasm for the sport, this figure is expected to see further improvement as the year progresses.
Future Remains Bright in Nevada
So, for anyone who wondered if Nevada would suffer from the legalization of sports betting across the country, you can stop wondering. The Silver State remains among the elite when it comes to sports wagering.
The state collected nearly $5 million in taxes from sports wagering in October, bringing the year-to-date total to almost $26 million. This amount is nearly $2 million more than the pace set at the same point last year.
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