Sports Betting Industry NewsSports News

Nevada’s $1 Billion Sports Betting Handle Streak Comes to an End in February

Sports betting handles throughout the industry declined, and it was no different for the prominent markets. Nevada’s sports betting handle for February was $780.8 million, which is a decrease of 29.6 percent from January’s $1.1 million but was 40.9 percent than February 2021’s $554.1 million.

Breaking Doan the Silver State’s Handle Even Further

The billion-dollar monthly handle mark began in October 2021 but ultimately came to an end in February after a five-month streak. Despite ending the strong streak, February 2022’s handle was the biggest for that particular month. When comparing the year-to-date figures, the handle notes a 40.9 percent increase from February 2021’s total of $554 million.

The mobile sports betting handle has also declined for the month with a handle of $512.4 million, which signifies a decrease of 34.9 percent from $786.8 million. Comparing the numbers from a year ago, the mobile handle is up 62 percent from February 2021’s $316.3 million.

Mobile sports betting made up 65.5 percent of the overall handle. Betting on mobile platforms isn’t as popular in Las Vegas when compared to other strong markets across the industry/

Nevada’s sports betting revenue also witnessed a decrease for the month. The state’s 179 sportsbook operators combined to bring in a total of $30.9 million which was a decline of 38.2 percent from last month’s $50 million. The revenue figures also noted a decline of 2.9 percent from February 2021’s $31.8 million.

What Was the Most Popular Sport to Bet on in Nevada

Even with the playoff football and the Super Bowl in the month’s schedule, basketball was able to edge out football as the NBA and college basketball seasons were in full swing. Basketball generated $456.3 million in wagers for the month.

Surprisingly baseball secured the second position with $190.8 million in bets. The season was in doubt because of the lockout taking place, which halted all major league business and transactions for the time being. Teams were allowed to make minor league transactions as minor league players are not a part of the MLBPA.

Bettors were allowed to place bets on futures, but the MLB season happened after both parties were able to strike a deal. Football secured the third spot as sportsbook operators took in $181.9 million in wagers for the month, with the Super Bowl playing a huge role.

The other sports category accumulated $81.8 million of the overall handle. Hockey came in fourth with $59.5 million. Parlays rounded out the top five with just $1.1 million in wagers.

Casino Gaming Had a Big Month in February

The sports betting schedule didn’t favor the industry in February, as many jurisdictions expect March to set new records across the board due to March Madness. The sports betting handle declined, but casino winnings continued their hot streak in the Silver State.

The Nevada Gaming Control Board reported the best February in casino winnings with a total of $1.1 billion. The state was able to collect $59 million in taxes from the casinos, which is an increase of 34 percent from a year-to-date.

February was the 12th consecutive month of hitting the $1 billion mark or more in casino house winnings across the state.

Related Articles

Leave a Reply

Your email address will not be published.