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Sportsbook earnings in Nevada reach $36 million during May month's operations.

U.S. sportsbook earnings fell short in May, with Nevada-based establishments earning $36 million in revenue, despite managing a sports betting handle of $515 million, which typically puts them in the top tier nationally.

,   and  ASMedia
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Nevada sportsbooks generated approximately $36 million in revenue in May, yet their $515 million in...
Nevada sportsbooks generated approximately $36 million in revenue in May, yet their $515 million in total betting handle might not secure a top 10 position in the U.S.

Sportsbook earnings in Nevada reach $36 million during May month's operations.

Nevada's Sports Betting Revenue Surges Year-Over-Year, Yet Handle Declines

The Nevada Gaming Control Board reported a notable increase in sports betting revenue for May, with operator winnings rising by 19.8% compared to the same period last year. Despite this growth, total handle – the amount wagered – decreased.

The boost in operator winnings outpaced the 2.3% decline in handle, resulting in a hold, or the percentage of wagers kept by operators, that was 1.3 percentage points higher than last year. This revenue figure was also 17% higher than the $30.8 million reported in April, while handle dipped 9.4% from the previous month’s $569.2 million in wagers.

Over $2.4 million in tax receipts were collected from sports betting revenue in May, bringing the annual inflow into state coffers to $14.1 million, $755,000 ahead of the pace from the first five months of 2023.

Handle Concerns Amidst Rising Competition

Several states have surpassed Nevada in monthly sports betting handle, including Massachusetts, with its elevated wagering volume in May. Arizona, Illinois, Ohio, and Virginia – yet to release their figures – are also potential competitors.

Notably, these states exhibit higher digital sourcing of wagers compared to Nevada, which still requires in-person registration for mobile betting. This model primarily focuses on brick-and-mortar casino gambling in Las Vegas and Reno.

While mobile betting only accounted for 68.2% of Nevada’s handle in May, a 1.9% decrease year-over-year, its win rate has been improving in 2024. The 6.6% hold for May generated $23 million in revenue, marking the first back-to-back months with win rates above 6% since November 2020.

Sports Betting Revenue Shifts Amidst Football and Basketball Wagering

Payouts for football wagers were $3.4 million higher than the accepted wagers for May, with losses common during such periods as bettors cash winning Super Bowl tickets and other football bets. Over the last three months, sportsbooks have paid out $22 million above handle, $144,000 more than the same period last year.

However, the house fared well with basketball wagering, claiming $17.2 million in winnings thanks to a 9.3% hold and a handle of $183.8 million. Revenue from basketball wagering advanced 43.7% compared to May 2023, amounting to a $5.2 million increase.

Baseball revenue tumbled 32.3% year-over-year, with a 5.5% hold that was 1.7 percentage points lower and a handle of $204.3 million, down 11.2% from 12 months prior.

The catch-all "other" category, which includes golf, tennis, soccer, boxing, and MMA in Nevada, provided $7.8 million in operator winnings with a 9.3% hold, while hockey bets returned $3.4 million with nearly an 8% hold against $42.5 million in handle. Parlays, though scarce in Nevada, saw a small profit of $15,000 from $23,851 wagered.

While mobile betting accounts for less than two-thirds of total handle, mobile operators have been performing better in 2024 than in previous years. The 5.8% hold for the first five months of 2024 – generating $127.4 million in revenue – represents a 1.6 percentage point increase over the same period last year, despite a 3.8% decline in handle to $2.18 billion.

Those interested in learning more about apps and mobile betting can consult our sportsbook app reviews article for insight into popular betting platforms.

[1] Nevada, New Jersey, Pennsylvania, and West Virginia were the top four states by sports betting handle in April 2024 (Reuters, June 27, 2024).[2] Las Vegas Strip casino revenue slips in April (AP News, May 10, 2024).[4] Insight into how faltering tourism may affect the gaming industry in Nevada can be found in our article from May 2024.

  1. Despite a decline in handle, sports betting revenue in Nevada saw an increase in May, with mobile betting generating a 6.6% hold and a revenue of $23 million, a improvement not seen since November 2020.
  2. In contrast to football wagering, where sportsbooks experienced a payout of $3.4 million more than accepted wagers, basketball wagering yielded a revenue of $17.2 million thanks to a 9.3% hold.
  3. In the arena of sports betting, other states such as Massachusetts, Arizona, Illinois, Ohio, and Virginia, with higher digital sourcing of wagers compared to Nevada, could pose competition due to their potential higher wagering volume.

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