What happens in Vegas, stays in Vegas, but everyone is talking about what’s happening in the sports betting scene in Nevada.
The Nevada Gaming Control Board’s May Revenue Report is out, and Silver State sportsbooks reported $36 million in revenue. This figure represents a year-over-year increase and a slight month-over-month improvement compared to April’s nearly $30.8 million. Total revenues for the first five months of the year have risen by nearly 6%.
Much of this growth has been attributed to the December 2023 opening of the Durango Casino Resort in southwest Las Vegas.
Nevada’s Sportsbook Handle Continues Downward Slide
But Nevada’s betting handle is another story. The total handle for May was $515.1 million, down 2.3% from May 2023 and 9.4% lower than April’s $569.3 million.
Year-to-date, Nevada has accepted $3.4 billion in wagers, a 5.3% decrease compared to the first five months of 2023. The downward trend in handle has persisted for three consecutive months.
Arizona Posting Stronger Numbers Than Nevada
In a historic turn of events, Arizona’s sports betting market surpassed Nevada’s monthly handle for the first time in April, pushing Nevada out of the top five.
Furthermore, several states, including New York, New Jersey, Pennsylvania, Massachusetts, and North Carolina, reported higher overall sports wagering numbers than Nevada in May.
With several revenue reports yet to be made public, what was once the “grand-daddy of U.S. legal sports betting” in the United States (Nevada) could even fall out of the top 10.
This shift reflects the dynamic growth of sports betting across the country, with nearly $120 billion legally wagered in the U.S. this year.
Lack of Football May Be Hurting the Handle
There may be a logical explanation for all of this. Nevada sportsbooks paid out $3.4 million in football winnings, continuing a trend that began after the Super Bowl.
With no NFL games until preseason starts in August, operators haven’t fully offset revenue losses from the end of last season. The handle for football bets was only $1.6 million. The Super Bowl, while not a huge win for sportsbooks, has become a prolonged challenge due to bettor-friendly props that went against operators and the Kansas City Chiefs win.
Over the past three months, operators paid out $22 million above the betting handle, which is $144,000 more than the same period last year.
Basketball Has a Good Sports Betting Month in Nevada in May
The good news is that Nevada generated a little more than $17 million in basketball winnings with a 9.3% hold, marking their highest monthly win rate since June 2021. Wagering on basketball increased by 43.7% compared to May 2023, resulting in a $5.2 million increase.
However, baseball revenue decreased by 32.3% from May 2023, totaling $17.2 million. Additionally, their wagers worth $204.3 million were down 11.2% year-over-year.
So, it’s been an up-and-down year for the state. But things may settle down once football returns next month.
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