The Nevada Gaming Control Board has announced October sports betting totals, and it was another huge month for sportsbooks and the state. It was the second straight month that total sports betting revenue was over $60 million, and that is actually the first time that it has ever happened.
The total sports betting handle in October was actually over $68 million, and that was the third-highest month on record. Sports betting action has actually gone down in 2023, but sportsbooks would much rather win more of those wagers.
The total hold rate was up over eight percent for the second straight month, and Nevada is typically right around the national average of 7%. Some losing future baseball bets helped push the hold rate higher for the month, but sportsbooks also cashed in on football wagers.
Nevada is now just the fifth state in the post-PASPA era to go over the $2 billion mark in adjusted gross revenue For the month of October, Nevada is likely going to finish in fifth place in the total sports betting handle for the month.
Football Numbers are Large
Sports betting in the United States always picks back up during the months of September and October, and that is due to the return of football. It’s no secret that sports bettors tend to bet on football more than any sport, and the October numbers in Nevada back that up.
Football brought in over $48 million in revenue for the month, and sportsbooks won 8.8% of those wagers. There have only been three previous months on record in which the sport of football brought in more money.
Baseball was actually another sport that had some impressive numbers during the month of October, but there were some future bets mixed into those numbers as well. The total revenue from baseball was right around $9.5 million, and sportsbooks were able to cash in on some losing future wagers.
Hockey is actually extremely popular in the state of Nevada as the Vegas Golden Knights have emerged as an extremely popular team. That sport brought in $2.2 million in revenue and that number will actually continue to get better throughout the year.
One thing that does limit sportsbooks in Nevada from really cashing in are some strange laws when it comes to parlay wagering. The total hold on those wagers was still over 41%, but there weren’t a ton of those wagers made.
Plenty of In-Person Wagering
Nearly every single state that has both online and retail wagering tends to cash in through the mobile sportsbook apps. That is not the case in Nevada as customers are required to register for an account at a casino before they can wager online.
Mobile wagering during the month of October accounted for just 66% of the total handle, and close to 50% of the total revenue. Most states that report monthly totals see over 90% of the handle and revenue coming from those mobile apps.