Nevada sportsbooks finally saw their strong 2025 profit run come to an end in the first month of fall.
Key Takeaways
- Nevada sportsbooks won back 6.9% in September, their lowest hold since April.
- Wagering was up 3% with September’s $789.1-million handle.
- Football profits dipped 41% compared to the previous September.
After sports betting revenue increased year-over-year every month since April, September produced a 32.8% decrease in profits compared to the same month in 2024.
During a September that included the beginning of the NFL season, an entire month of college football, and the end of the MLB regular season, the Nevada Gaming Control Board (NGCB) reported that Silver State online and retail sportsbooks hauled in $54.3 million on a $789.1-million handle.
It was going to be hard to match or surpass the previous September, which produced the highest win rate of 2024 (10.6%). Nevada’s 6.9% hold in the latest September was the first under 8% since April and much closer to its typical average.
Online sports betting in Nevada generated $32.6 million in revenue, a 9.4% year-over-year drop. It didn’t help operators that sports bettors got off to a strong start in the NFL season when favorites won at a high clip in Week 1.
Sportsbooks paid out $3.6 million in tax revenue to the Silver State.
Wagering up
September was a promising sign from a betting volume standpoint, though. The near $790-million handle was up 3.1% from the same month in 2024.
It was the third-highest amount wagered in 2025, and it put the year-to-date handle over $5.5 billion. Through nine months, wagering is up 2.5% compared to the same period last year.
This comes despite Las Vegas suffering a decline in visitation over the summer and most of 2025.
Football fumbles
| Sport | September Revenue | YoY Change |
|---|---|---|
| Football | $32.8 million | -41.1% |
| Baseball | $9.2 million | -30.9% |
| Other | $9 million | -13.9% |
Nevada sports betting operators didn’t have nearly as good a run this September as last in NFL and college football. The $32.8 million in football revenue from a $490-million handle was down 41.1% from the more than $55 million hauled in during September 2024, which was an unusually operator-friendly month.
Baseball had been a cash cow for sportsbooks much of the season, setting multiple monthly revenue records, but that tailed off in September as the $9.2 million in revenue generated down the season’s final stretch fell off by 30.9%. The sport’s revenue was also down 40% month-over-month.
Other sports, which include golf, tennis, soccer, MMA, and boxing, generated $9 million on a 7% hold, but even that category saw a 14% year-over-year profit decrease.
Basketball helped make sportsbooks $2 million in revenue, but that was down 313% from the previous September. The NHL’s preseason, which didn’t generate much wagering, left operators in the red behind a -1.3% hold.
Prediction market battle
Nevada has at least won a battle against a prediction market platform. The NGCB announced this week that Crypto.com will cease offering sports outcome contracts in the Silver State on Nov. 3, pending the resolution of a legal appeal.
Nevada regulators have been attempting to halt the operation of prediction market platforms in the state and sent Crypto.com a cease-and-desist letter in May. The trading exchange company has since filed a lawsuit against the state.
