Nevada Sports Betting Handle Dips 32.5% in April
Nevada sports betting handle plunged to 32.5% in April, the first month of the summer slump in the US sports calendar.
According to the data released by Nevada Gaming Control Board, the state’s sportsbooks took in $582.5 million for the month, a 32.5% decrease from March’s $863.3 million.
It was also the first time since August 2021 that the Silver State’s sports betting saw less than $700 million in the monthly handle.
However, the sharp decline in monthly handle does not reflect the complete picture of Nevada sports betting, which grew 28% year-over-year in April.
Nevada Remains Third-Largest Market So Far…
With $582.6 million in sports betting handle, Nevada ranked third-largest market in the nation behind New York ($1.4 billion) and New Jersey ($926.9 million) in April.
However, the ranking may change once Illinois releases its monthly sports betting handle in early June. The NCAA-fueled Illinois market had witnessed a record handle for March by posting $971 million in total handle.
According to the latest reports from the legal states, the top 5 markets are:
- New York: $1.4 billion
- New Jersey: $926.9 million
- Nevada: $582.6 million
- Pennsylvania: $572.8 million
- Michigan: $396 million
Despite a better hold rate at 4.35% (compared to 4.28% a month prior), Nevada operators saw a 31.1% shrink in April.
Nevada sportsbooks reported a just 4.29% hold rate over the first four months of this year. It is lower than the Silver State’s own average of 5.69% and the 7.0% average of US sports betting since June 2018 – the first month of the post-PASA era.
Considering the major destination for US sports betting, Nevada’s dip reflects how significant NFL betting and NCAA betting are to the booming industry.
Ironically, football brought down Nevada sports betting revenue by $4.1 million for the month of April. Nearly $3.4 million was wagered on the sport in April for a $123.16% hold rate.
Basketball Handle Shrinks Significantly
Nevada’s shrinking basketball handle in April reminded us of the nostalgia that was March Madness. Though basketball continued to rule in April, its handle reduced to $247.1 million from a mighty $708.9 million in March.
Basketball allowed the books to win $14.6 million, compared to $47.8 million in March. However, it represented a 69.46% increase from April 2021’s revenue generated from the sport.
Nevada Gaming Control Board does not break down the figures between college and professional sports. However, Nevada’s basketball handle in April mostly includes NBA, in addition to the NCAA men’s Final Four.
Baseball was the only other sport that cleared $100 million in handle, with Nevada operators taking in $187.7 million worth of MLB bets, churning out $7.1 million in revenue on a 3.8% hold.
However, Nevada casinos won $1.128 billion in April to set an all-time April record for gaming wins. It was also the 14th consecutive month that Silver State has reported a $1 billion-plus in gaming wins.