Tourism-Led Nevada Sports Betting Posts 14% Increase in June
Despite the summer slump, and a less weekend than May, Nevada sports betting showed recovery by posting a more than 14% increase in handle in June.
According to the latest figures released by the state, Nevada sportsbooks took in nearly $545 million in June, up 14.3% from May’s $477 million. It was also the first time since March that the Silver State cleared $500 million in its monthly sports betting handle.
Sports betting revenue also increased 8% to $29.2 million for June for a 5.36% hold. The state generated roughly $2 million in taxes.
Increased Tourism: Increased Retail Handle
It was a strong retail sports betting performance that pushed the June numbers, thanks to the return of the tourism industry. Nevada retail sports betting handle saw $231 million, up 31% from May’s $178 million.
The Silver State welcomed tourists in a normal environment that witnessed the gambling industry free of COVID-related protocols. The gamblers were attracted by the wide-open environment they would enjoy in the pre-Covid days at Las Vegas Strip casinos, with no capacity limits, masks, or social distancing.
Of the total retail handle – $231.2 million – wagered in June, Las Vegas Strip alone originated $230.2 million.
Though the retail industry is expected to see similar trends in the coming months, gamblers will be experiencing the return of at least one COVID-related restriction – face coverings – in August.
Online Handle Showed a Modest Growth
Despite the huge gains by retail betting, Nevada online sports betting also has increased modestly to nearly 5.5% to $314 million from May’s $298 million.
However, mobile handle share dipped again in June to 57.7%, compared to 62.4% in May and 65.3% in April.
The mobile share in Nevada sports betting is far lower than 80% or 90% in most other legal jurisdictions with online sports betting. But Nevada – the traditional face of US sports betting – persists with its conservative model of gambling, depending on tourist traffic, and requiring in-person registration.
Tourism has seen a rise in the past few months in Nevada, but the rising COVID cases have forced the return of face coverings for everyone in Las Vegas casinos from this week.
It is yet to see how the COVID-led protocol/s may affect the August numbers.
Baseball Most Wagered on Among Nevadans
Baseball was the favorite among Nevada bettors who wagered $226.24 million on the sport, with a 1.4% hold for $3.2 million in revenue.
Basketball was second-most popular, and took in $193.95 million, with a strong hold of 10.22%. Hockey was the distant third with $44 in handle and $3.1 million in revenue.
The “other” category accounted for $80.49 million; football, $566,626, and parlay cards, $105,000.
What Can We Expect from Nevada Market in Future?
Nevada sports betting indicates it is headed in the right direction. It’s one of seven out of 16 legal states/jurisdictions to witness a month-over-month handle rise in June.
While the Silver State may see another month of slow growth in July, things will begin to pick up from August ahead of NFL betting, one of the biggest sporting events in the United States. Football season and the NFL betting means swelling handles, revenues, and record-shattering performances by the sportsbooks in and around Nevada.
July can also make Nevada the second state – only after New Jersey – to cross the $1 billion revenue milestone in the post-PASPA era. Silver State’s sportsbook only needs $6.6 million in revenue to reach that milestone.