It was mixed results for Nevada’s sports betting figures for October, as revenue was up compared to last year... but the handle was down, according to figures released yesterday by the Nevada Gaming Control Board (NGCB).
First, the good news: Revenue for retail and online sports betting sites in October was $56.9 million — a 17.7% increase from the same period last year. Michael Lawton, senior economic analyst for the NGCB, attributed a strong win rate to the increased revenue.
"Nevada’s sportsbooks win of $56.9 million increased 17.7% year-over-year due to improved performance in the hold percentage, from 4.9% last year to 6.2% this year,” Lawton told Covers.
October also marked the second consecutive month that revenue has been more than $50 million, following September, which saw $70.6 million in revenue.
Despite yearly dip, handle still strong
The state, which collected $3.8 million in taxes, reported a legal sports betting handle for October of $921 million.
That was down 16.3% from October 2021, when the handle was $1.1 billion (the first time the Silver State reached that benchmark), but the figure was still higher than September’s number of $760.8 million.
"Although volumes were down year-over-year for Nevada sportsbooks, it must be noted that last October was the first month the state had recorded over a billion dollars in sports pool write, making for a very difficult comparison," Lawton said. "Bottom line: strong month with $920.8 million in wagers but missed on a very tough comparison."
Football drives numbers
Not surprisingly, college and pro football were the big winners of October.
The handle for both sports — which the state does not separate — was $607.4 million, down 18.1% from the $728.6 million in October 2021 but a big jump from the $481.7 million in wagers taken the previous month.
Baseball was next at $114.7 million, a decrease from $192.8 million in September, while basketball picked up in October with the start of both the college and NBA seasons — hoops handle clocked in at $79.22 million, a massive 151% drop from October 2021.