Nevada Sports Betting Handle Declines But Finishes Second

Spread the Word:

Though Nevada retained its second position in the US sports betting market, December saw a relative decline with $588 million in handle, which was around $20 million lower than November’s figures. Besides, the figure was far lower than New Jersey’s sports betting handle for the same month that touched almost the $1 billion mark. Still, Nevada managed to beat Pennsylvania sports betting, which drew roughly $548 million in bets in December.

According to the figures released Thursday by Nevada Gaming Control Board (NGCB), Nevada sportsbooks took $588.5 million in wagers, representing a 3.4% decline from November which saw $609.4 million. Also, the December handle was 11% down from the Silver State’s record total of $660 million wagered in October. However, the handle, which includes both retail and online betting, showed a 3% increase from December 2019’s $571 million.

The Silver State’s sports revenue for the month was $40.6 million, representing a 34.4% decrease from November ($61.8 million). Yet, it was 11.7% higher than what the state’s sportsbook saw during the same period last year ($36.3 million). The state raised $2.8 million in tax for the month.

Handle by Sports

Football was the principal driver of the handle in Nevada during December as it saw $372.1 million, and the 6.95% win rate translated into almost $25.9 million revenues for the sportsbook operators. On average, football handle during 2020 ($1.92 billion) was a bit higher than 2019 ($1.87 billion).

The second most popular sport in December was basketball, which saw $176.6 million of wagers. However, unlike football, basketball saw a year-over-year decline. Particularly, pandemic-led interruptions, including NCAA Tournament, affected basketball, which saw an eventual fall from $1.68 billion handle in 2019 to $1.17 billion in 2020. An even worse decline was reserved for baseball which saw a year-over-year decline (from $1.12 billion to $519 million), as it had a 60-game regular season, 102 games fewer than any normal year not eclipsed by the pandemic.

The Silver State’s December total gaming win was nearly $683.7 million, a nosedive drop from the $1.06 billion in December 2019.

Nevada, A Leader in its Decline

In 2020, Nevada saw nearly $4.3 billion in total sports betting handle, down from $5.3 billion recorded in 2019. However, despite its yearly or even monthly decline, the Silver State is still the second-best in terms of sports betting handle after New Jersey, but a distant second leader that narrowly surpassed Pennsylvania sports betting handle in December. Nevada is a leader in its decline.

The mean reason for this decline is Nevada’s attachment to its traditional style of gambling, and its neglect of the alternative reality: digital gaming. Nevada online sports betting handle totaled $352.2 million, or 59.8%, of the total bets placed in December, which was a slight increase of 2.4% from November’s $344 million. However, rivaling states with no in-person registration requirement witnessed more than 90% of their total bets coming through online sportsbooks in December. For instance, Colorado saw an all-encompassing 98.6% of its wagers placed through mobile apps in December, Pennsylvania 97.6% on mobile, and the New Jersey industry, which leads the nation, drew 92% of the national record-total handle in December through mobile betting.

 This reluctance to shift to digital gaming has been further impacted by the global pandemic. Capacity limits in Nevada’s casinos and a steep decline in tourism because of the COVID-19, and with the state’s unexplained rationale of sticking to its in-person registration requirement for sports betting are the obvious reasons. In November 2019, the city had 3.5 million, about 57% more than November 2020, according to the Las Vegas Convention and Visitors Authority. Through November, year over year, visitors were down almost 55%.

Related News

Arizona sports betting
July 11, 2022

Arizona Sports Betting Clears $4B in Lifetime Handle

Arizona sports betting has become the 11th state to clear $4 billion in lifetime handle, according to the state’s official report released for April. The Copper State’s operators handled $513 […]

read more
Tennessee sports betting May handle
July 8, 2022

Tennessee Sports Betting May Handle Posts $261.6M in Bets

Tennessee sports betting May handle brought in $261.6 million in total bets, reporting a 10.7% decline from April’s $292.8 million. According to the recent report released by the Sports Wagering […]

read more
Nevada May gaming revenue
July 8, 2022

Nevada May Gaming Revenue Sees 15th Straight $1B+ Month

Nevada’s May gaming revenue reported a combined $1.3 billion, marking the 15th straight month of $1 billion-plus handle in its best May ever. According to the data released Thursday by […]

read more
NY online sports betting June handle
July 4, 2022

NY Online Sports Betting Handle Increases in June

The NY online sports betting June handle picked up momentum by reporting a 7% increase to $256.6 million in the week ending June 19. It comes a week after the […]

read more

Stay Updated & Receive Exclusive Offers

Be the first to know when new states legalize online gambling and gain access to exclusive casino and sports betting promotional offers.