Nevada Sports Betting Handle Sinks To Post-Pandemic Low

The state of Nevada generated $375.9 million in sports betting handle for July, the lowest monthly total not impacted by the COVID-19 pandemic in nearly five years.

The Nevada Gaming Control Board reported monthly sports betting revenue totaling $25.8 million with a hold of nearly 6.9% on Wednesday. Those figures provide the ability to reverse-engineer the Silver State's monthly handle.

Handle was down 7.9% from the $408 million worth of wagers accepted in July 2023 and the lightest outside March-July 2020 since $287.8 million worth of bets were placed in August 2019. Wagering was also 21.9% lower compared to June's total of $481.6 million.

Despite the customary dip in handle that comes with summer, sportsbooks eked out a 2.1% gain in year-over-year revenue since the hold was nearly seven-tenths of a percentage point higher. Nevada, though, was still the first of 25 states that report handle and revenue figures to finish below the 7% industry standard for July.

The state collected $1.7 million in taxes from sports betting, and the $17.9 million that has reached Nevada's coffers through the first seven months of the year is nearly $2.2 million ahead of last year's pace. The $264.8 million in revenue for 2024 is up 13.8% from last year despite a 4.9% backslide in handle to $4.22 billion.

Spring and Summer Football Payouts Nearly the Same from 2023

Nevada sportsbooks usually spend most of the summer paying out winning football futures tickets from both the NFL and college football. July was no different, as bettors came out $626,000 ahead from $1.7 million worth of accepted wagers.

Overall, Silver State operators paid out $24.7 million above tickets written for the five months spanning March through July. That was slightly more than the $24.3 million spread from 2023, but they also accepted $20.3 million worth of bets in that span last year compared to the $8.5 million in 2024.

As would be expected in July, baseball carried the month when it came to action. Sportsbooks won close to $19.1 million from $213.7 million handle, posting a hold just shy of 9% — a high point for any full month of regular-season betting in the post-PASPA era dating back to June 2018. Year-over-year revenue, though, dropped 4.3% from July 2023, as handle plunged 20.8%.

Bettors came out slightly ahead for basketball, as the house paid out $168,000 on top of the $36.5 million worth of wagers. That was still an improvement for operators, though, who paid out $2.1 million above the $34.4 million handle 12 months prior.

The catch-all "other" category, which includes hockey, tennis, golf, soccer, auto racing, boxing, MMA and a portion of Olympic wagering, provided $8.6 million in revenue. Operators had a 6.9% hold against $124.1 million handle, the second straight month a record amount was wagered across the multiple sports.

The house did post a loss when it came to hockey, paying out nearly $1.2 million above the $2,774 in accepted wagers as bettors likely cashed winning futures tickets for the Florida Panthers winning the Stanley Cup. It is the second time in three years that Nevada sportsbooks took a seven-figure loss in July from hockey bets, paying out $1.2 million on top of the $5,741 handle in 2022.

A First for Mobile Wagering

The NGCB began publishing statistics for monthly handle and revenue in January 2020, and July marked the first time mobile sportsbooks posted a monthly hold above the 7% industry standard. They landed at 7.5% after claiming $19.1 million from $254.1 million in handle.

That lifted the overall hold for 2024 to 5.9% against $2.75 billion worth of bets placed, as online sportsbooks have accounted for 61.7% of all revenue in the first seven months. Brick-and-mortar venues had a 5.5% hold in July, keeping $6.7 million of the $121.8 million handle recorded.