Nevada sports betting has posted a new record in October by catapulting the US to nearly $3 billion with its $660 million in handle. This figure includes handle from both retail betting and online betting, of which mobile betting accounted for $376.9 million (57.1%).
According to the Nevada Gaming Control Board, which released its report on Tuesday, the new record achieved last month humbled the previous high mark of $614 million the Silver State hit last November. While October’s number reflects the 7.5% increase from the previous best, they also represent a 14.7% increase from September’s $575 million. Besides, Nevada’s $660 million in October 2020 is also up 21% from the $543 million hit during October 2019.
However, the Silver State’s sportsbooks’ October winnings of $42.4 million from gamblers reported a decrease of 11.49% from October 2019. Nevertheless, another noticeable record was the $441.2 million handle on football, an all-time monthly record.
October’s performance was a great improvement over September’s, where the $575 million represented a mere 5.2% increase year-over-year. The Silver State’s sports wagering handle has now grown year-over-year for three straight months, following nosedive sports betting activity in the previous months due to the pandemic-led impacts on the sports world.
As the casino industry is still struggling to recover from the COVID-led administrative measures, including reduced capacities and intermittent opening and closures, sportsbooks are back to post new records in the betting world.
With Nevada’s October 2020 number, the reported sports betting handle for the US for the month has surpassed $2.5 billion. It should comfortably surpass $3 billion for the first time as Illinois and Colorado are yet to release their October sports betting numbers. Both these states’ combined total was roughly $512 million in handle, and most states in October have already eclipsed their September numbers.
Though Nevada gained another state record, it is far from a national record, which the state of New Jersey boasts most recently in October this year.
Nevada’s Comparison with New Jersey
New Jersey continues to lead the US sports betting market by setting back-to-back records for its sports betting handle for three months in a row. The Garden State set a national record last month with $803 million in sports betting handle, breaking its own mark from September.
In contrast, Nevada’s October handle of $660 million is almost 18% off New Jersey’s sports betting handle for the same month. However, the good thing about this competition is that the Silver State is still a firm second. Its October sports betting revenue was $42.4 million, which is good for a 6.4% hold.
Pennsylvania is the nation’s third state with the best numbers of $525.8 million reported in October handle. Indiana is the fourth-best sports betting market in the US, with an overall handle of roughly $231 million. It is worth mentioning that Nevada is the only one of these four states where individuals have to visit a casino to get their mobile sports betting accounts registered.
Nevada Sports Betting in Mobile Still Lags
Nevada’s mobile handle share in the overall handle is lower among the four top states. In New Jersey, it was 92.6% last month, and almost 90%, and 83.6% for Pennsylvania and Indiana, respectively.
The mobile handle in the Silver State accounted for 57.1% of the last month’s total of $376.8 million. It was up from 55% in September after topping 69% in July. Though Nevada’s mobile share is increasing, it has been slow progress. Remote registration could help significantly to increase mobile share.
The Gaming Control Board was supposed to conduct a public hearing earlier in November on allowing remote registration before it was canceled at the eleventh hour. The cancellation notice indicated a rescheduled meeting, which has not yet happened.
Nevada Betting Breakdown by Sport
Football attracted, as it does traditionally in the fall, the biggest attention in Nevada sportsbooks. Football’s October handle posted $441.1 million, up 24% from September’s $355.7 million. Part of the increase came from major college conferences like the Big Ten returning to play in October.
Baseball handle also increased to 33.4% to $110.7 million in October compared to the same period last year, and the Basketball handle reported $37.1 million.