Nevada Sports Betting Handle Drops for Fifth Consecutive Month

Per the Nevada Gaming Control Board (NGCB), $375.9 million was wagered in the state during July 2024. That was a 7.9% year-over-year increase and down 21.9% from their numbers in June. This was also the fifth consecutive month that wagers fell in Nevada. Additionally, their monthly handle was below $400 million for the first time since before the Covid-19 pandemic. Their previous low was in August 2019. The NGCB reported a monthly sports betting revenue handle of $25.8 million and a hold of 6.9%. Nevada collected $1.7 million worth of taxes from sports betting. With $17.9 million through the first seven months of 2024 going to coffers in the state, they are $2.2 million ahead of their pace in 2023. Finally, Nevada’s $264.8 million in revenue is up 13.8% from last year.

Nevada is no stranger to paying out NFL and CFB futures in the summer

Sportsbooks in Nevada usually spend most of the summer paying out NFL and college football futures. It was no different for the state in July as bettors came out $626,000 ahead of the $1.7 million worth of accepted wagers. In total, state operators paid out $24.7 million above tickers written from March to July. That was just slightly ahead of the $24.3 million from last year. However, state operators accepted $20.5 million worth of bets this past year compared to $8.5 million in 2024. With baseball being the major sport in the summer, it was no surprise to see dominate July. Nevada sportsbooks had a hold just shy of 9% to win $19.1 million from $213.7 million handle. Despite those numbers, year-over-year revenue dropped 4.3% and handle plunged 20.8%. 

The Nevada Gaming Control Board first began publishing statistics for monthly handles and revenue in January 2020. July 2024 was the first time that mobile sportsbooks posted a monthly above the 7% industry standard. The state had a 7.5% hold and claimed $19.1 million in winnings from the $254.1 million handle. Nevada’s overall hold in 2024 rose to 5.9% against $2.75 billion worth of wagers. Online sportsbooks accounted for 61.7% of all revenue in the first seven months of 2024.