The Nevada Sports Betting Market Posts a Total of $935 Million in Bets to Start the New Year Which Marks its Largest Yearly Total Since January 2022
After struggling for the most part in the final quarter of 2022, the Nevada sports betting market rebounded, especially in January. Sportsbook operators reached the closest record to the previous one set precisely a year ago at the start of the year.
The Silver State Makes a Comeback
In Nevada, the mobile betting paralysis isn’t as well known as it is in other prominent US markets because consumers live in proximity to many casinos and other gaming facilities. Both the brick-and-mortar and online bookmakers in the state registered a combined monthly handle of a total of $936.5 million.
The reported figure noted a massive decline of 15.6 percent compared to its year-over-year comparison, but the Silver State is better known for its casino and iGaming market, which includes poker. The Nevada Gaming Control Board data show that mobile wagering accounted for more than half of January’s handle, with online sports betting totaling $581.5 million, down 26.2 percent from the previous year.
Once, Nevada was the only place where sports betting was legal in the country, but the pioneer of the sports betting industry prior to the post-PASPA era has certainly lagged behind the newcomers such as New York and Ohio. In the monthly handle rankings, New York, Ohio, and New Jersey all surpassed Nevada, as the jurisdictions were members of the $1 billion club once again.
The Buckeye State certainly put itself on the map in its inaugural month by surpassing New York’s short-lived gross revenue record. The boost in the volume can be mostly attributed to the sportsbook operators offering $320 million in promotions to jump start the most anticipated launch in 2023.
How Did the House Do Against the Public?
The public had slightly welled success heading into the new year because the bookmakers combined to generate $50.4 million in revenue for the month. In comparison, the hold rate dropped from 6.3 percent to 5.4 percent.
Due to the decline, the state collected just 3.4 million in tax receipts, highlighting a significant eight percent drop from the previous month. Super Bowl wagering also took a massive hit as the state missed the projections by a mile.
In the aftermath of the Super Bowl, Caesars’ tech platform went down for three days, affecting William Hill, the consumers couldn’t bet on a major platform. Residents in Nevada don’t have that many options to choose from compared to nearby states like Colorado and Arizona.
There was a decrease of approximately 15 percent in the Silver State Super Bowl compared to last year, but an increase of 12.5 percent from 2021 in the gambling department. By far, parlay cards were the most profitable bet for sportsbooks, accounting for 43 percent of all dollars wagered.
Mobile sports betting only made up 62 percent of the handle. Many other prominent markets exhibit a percentage in the 98 to 99 percent range each month.