Nevada Sports Betting Handle Reaches $569M For April

The Nevada Gaming Control Board reported $569.2 million in sports betting handle for April on Wednesday. The handle saw a year-over-year decline, according to data.

Bets placed via sports betting apps represented 68.5% of the overall handle

Sports wagering was down 4.8% compared to April 2023. However, wagers from sports betting apps as a percentage of overall handle reached 68.5%, the highest since contributing 73.5% last August.

Handle was 27.5% lower compared to the $785.3 million in accepted bets in during the NCAA’s March Madness. Licensed operators collecting $30.8 million in sports wagering revenue. This led to a 5.4% hold.

Nevada finished outside the top five in sports betting handle by state. New York led the list with $1.97 billion, followed by New Jersey ($1.04 billion), North Carolina ($648.9 million), Pennsylvania ($646.1 million), and Massachusetts ($603.3 million).

Basketball was the top source of revenue in April. Sportsbooks at one point saw a 6% win rate on $222.9 million in wagers, resulting in $13.3 million in winnings. Operators reported 3.1% year-over-year, but revenue was still down 12.1%.

Next, Baseball slipped 15.7% to $188.9 million. The only upside for “America’s pastime” was the revenue, which climbed 18.4% to $10.7 million after a 5.7% hold.

Nevada operators reported a loss of $5.7 million in football bets in April

Another factor that impacted revenue was gamblers cashing in on winning football tickets. Operators reported a loss of $5.7 million in football bets for April. The sportsbooks accepted only $2.4 million in wagers.

Furthermore, gamblers had $18.6 million in winnings compared to $2.7 million in handle over the last two months, which is more than the $18.3 million this time last year.

Despite the disappointing revenue figures, it was up 3.5% compared to March as the win rate was 1.6 percentage points higher. Revenue is also up 3.1% as January and February winnings exceeded expectations, even though the handle was 5.8% lower compared to the first four months of 2023 at $2.85 billion.

Additionally, the Silver State collected $2.1 million in taxes for April. According to the state’s figures, the $11.7 million in levies so far this year is running $352,600 ahead of last year’s pace.