Nevada’s sports betting handle has hit $575 million, its fourth-highest handle ever, in September to set new US sports betting market benchmarks.
According to official figures released by the Nevada Gaming Control Board, the Silver State’s total handle in September with $575,144,025 reflected a 21% increase from August’s $474,948,415. It also reflected a 5.3% rise from its handle during the same month last year.
Overall, Nevada’s September handle pushed the US sports betting handle for the month to more than $2.3 billion. Besides, September earned the Silver State its fourth-highest handle ever.
Nevada’s numbers suggest more than $2.5 billion was wagered in the country during September, topping the previous record of $2.1 billion in bet last month. In fact, the new record will be higher than $2.5 billion as Illinois’ sports betting market has yet to release its September results.
Additionally, sports betting revenue for the Silver State was $32.9 million in September, which is decent for a 5.7% hold.
Nevada vs. New Jersey
Despite a huge betting handle, Nevada’s sports betting market lags behind New Jersey’s in terms of September success. New Jersey sports betting handle reported an all-time record in September with nearly $750 million, $173.4 million higher than Nevada.
The Garden State has now beaten the Silver State in sports betting handle every month this year. The highest record for Nevada in a single month is $614.1 million in November 2019. The major advantage of New Jersey against Nevada is online sports betting. Approximately 90% of bets in the Garden State are made online, compared to 55% in Nevada. Additionally, the pandemic-led lack of tourism and visits in its Las Vegas casinos can further explain the difference in the states’ handles.
In 2019, when the New Jersey market began outclassing Nevada in a sports betting handle, it was a close shave, but this year has only served to widen the gap. In June 2020, New Jersey outclassed Nevada by $86.88 million, and in July by $151.5 million. August saw an even wider gap, with the Garden State beating the Silver State in handle by $193 million.
Football Topped Nevada Sports Betting Trend
September is the first month when betting enthusiasts could bet on all four major US sports. However, unsurprisingly, NFL betting led the betting trend among Nevada residents.
Bettors placed $221.9 million in handle on football in September, reflecting a considerable increase from August’s football handle of $217 million. Baseball, which had the final full month of the regular season, took second with $147.3 million. In third place was Basketball with $114.8 million in handle. Other sports category saw $60.4 million wagered, while fifth place was claimed by hockey with $25 million in handle in September.
Can September Hit $3 Billion in Handle?
It now depends on a phenomenal performance from the Illinois sports betting market to catapult the US sports betting market to surpass $3 billion in handle for September. Illinois reported $139.8 million in handle for August under the on-again, off-again remote registration exemption by the executive orders.
Now, the Land of Lincoln must exceed the $400 million threshold in handle to push the US betting handle beyond $3 billion. Though it seems a herculean task, we’ll have to wait until Illinois releases its September report.