Nevada’s February Sports Betting Revenue Rises 16% YoY

The Silver State filled its coffers with over $3.2 million in tax revenue for the month. 

Mar 28, 2024 • 17:11 ET • 4 min read
Jonathan Marchessault Vegas Golden Knights MLB
Photo By - USA TODAY Sports

While the Super Bowl wasn’t great for Silver State sportsbook operators, February was overall pretty solid. 

The Nevada Gaming Control Board reported monthly revenue of $47.9 million, up 16.1% year-over-year. Wagers were up 8% to $712.3 million compared to 2023.

The 6.7% hold was up a tick from last February’s 6.3%, despite a 3.7% hold from the underdog Kansas City Chiefs’ win over the San Francisco 49ers in Super Bowl LVIII. 

Despite these impressive figures, the Big Game’s record-high wagers of $185.6 million weren’t enough to get Nevada above January’s total handle of $782.9 million. February revenue was down 27.1% month-over-month. 

Pigskin strong, hoops dominate

Even with just one major game to rely on, football generated a total handle of $190.7 million, up 24% year-over-year, and revenue of $12 million. 

However, it wasn’t the highest-producing February sport in the Silver State. Sports betting in Nevada hauled in $24.7 million of revenue on a basketball handle of $388.1 million. That’s up from the $18.4 million on a handle of $317.5 million produced by hoops in January.

Meanwhile, hockey produced the highest hold at 10.4% and added $4.3 million of revenue, on a handle of nearly $42 million. 

The other sports, which include golf, MMA, boxing, auto racing, tennis, and soccer, combined to bring in $7.7 million on an $89.6 million handle.

Host site flourishes

In a state that records heavier retail sports betting figures than most U.S. markets, mobile wagering was down more than 5% month-over-month in February. Since Las Vegas hosted the Super Bowl, that’s not a big surprise. 

Brick-and-mortar sportsbooks saw a 12% year-over-year and 5% month-over-month increase in handle, accounting for $288.4 million of total wagers and $24 million in revenue. 

Still, online sports betting’s $423.8 million was up 5.4% year-over-year and made up 59.5% of the overall handle, claiming $23.8 million in revenue. 

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