October A Mixed Month for Nevada Sports Betting Revenue and Handle
Nevada sports bookmakers had a healthy increase in handle but a substantial decrease in revenues in October compared to September. In a year-over-year comparison to October 2021, it was the opposite.
The October total sports betting handle, both mobile and retail, in Nevada was almost $916.52 million, up 20.5% from September (about $760.89 million) and down 16.7% from October 2021 ($1.1 billion).
The October handle was certainly helped by the calendar. The month had five football weekends.
However, the revenue figure last month was about $56.86 million, down 19.5% from the Nevada September sports betting revenue (about $70.63 million). The difference could be attributed to the fact that underdogs and the Unders in Over-Under wagers, two outcomes that usually favor the house, were more prevalent early in the NFL season. The October 2022 revenue was also up 17.7% from October 2021 ($48.31 million).
Sportsbooks Don’t Have As High of a Hold in October
Illustrating the contrast in revenue between October and September, the sportsbook hold in October was about 6.2%, or about the traditional industry norm. The September hold rate was about 9.3%, exceptionally high for Nevada, according to the Nevada Gaming Commission.
In October, Nevada’s mobile sports betting handle was $612.84 million, up 24.6% from September (almost $492 million) and down 12.9% from October 2021 ($703.75 million). Mobile sports betting handle was 66.9% of total handle in October.
The Silver State has mobile sports wagering but no iGaming options that are available at the best US online casinos.
The ratio of online-to-live handle is less in Nevada compared to other states that have both mobile and retail sports betting. That’s partly because, unlike many other jurisdictions where online bettors can register online, in Nevada, customers have to register in-person. Also, Las Vegas’ elaborate experiential sportsbooks, such as the Superbook at the Westgate casino and at downtown’s Circa casino, attract swarms of tourists and locals alike.
Nevada Gaming Win Exceeds $1 Billion Again
In the face of some national economic woes, especially high inflation and a choppy stock market, Nevada’s gaming industry continues to shrug off such concerns. For the 20th straight month, Nevada gaming win hit the $1 billion mark in October.
The Nevada gaming industry had total gaming win of $1.28 billion in October, about 2.5% higher than the previous month (about $1.25 billion) and a 4.83% increase compared to October 2021 ($1.22 billion).
As far as the betting public’s choice of sports, football was the clear leader, naturally, attracting about $607 million in handle. The rest were: Baseball, $114.71 million; basketball, $79.22 million; hockey, $36.85 million, parlay cards, $5.67 million, and the category of “other” $72.66 million.
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A longtime reporter and editor who began writing on casinos and gaming shortly after Atlantic City’s first gambling halls opened, Bill covered the world Series of Poker and wrote a syndicated column on travel to casino destinations for a decade.