Nevada Clears $70M Sports Betting Revenue For Second Time

It took nine months, but the Nevada sportsbook has finally inflicted some pain on the sports betting public in 2022.

The Nevada Gaming Control Board on Thursday reported $70.6 million in adjusted sports betting revenue for September, marking only the second time in the post-PASPA era that the Silver State surpassed $70 million. The only time it hit a higher figure was last November when it was just under $72 million.

While the statewide share of 9.3% is currently the lowest of 20 states reporting trade and sales numbers for September, Nevada’s was by far the highest for the calendar year. The win rate in September broke a nine-month run stretching back to last December in which bettors held the house below 5%, and it was only the fourth time in 53 months of the post-PASPA era that they were 9% in the shaded. It was the highest since November 2020’s all-time high of 10.1%.

Handle rose as expected with the rise of pro and collegiate football, reaching $761.1 million. That figure — 86.2% higher than the $408.9 million in bets accepted in August — represented a 3.3% drop compared to the $786.7 million reported for the same month in 2021 were generated. However, overall earnings for 2022 are 20.7% higher than 2021. ranges within $32 million to $6 billion for the year.

The house’s strong month helped close the year-over-year revenue gap, which now falls 4.1% from 2021 at $296.3 million. The state raked in nearly $4.8 million in tax revenue last month, and Nevada became the fifth state after New York, New Jersey, Pennsylvania and Illinois to surpass the $100 million mark under PASPA.

A $50 million football milestone

While NGCB isn’t breaking out pro vs. college football trades and earnings, the $51.7 million withheld by operators from all pigskin bets was only the third time after PASPA that the $50 million figure had been broken exceeded. The only higher totals were the $56 million in November 2020 and $53.1 million last November.

The 10.7% hold is the highest for in-season football betting since the 11.2% mark hit in November 2020. The $481.7 million wagered on professional and collegiate football increased 0.8% compared to September last year.

Baseball was the other big revenue generator in September, with operators keeping more than $12.5 million out of $192.8 million wagered. The 6.5% hold was the second-best for 2022, falling just short of July’s 6.6% mark, but the handle is down 11.1% compared to the same month in 2021 and 28% compared to August .6% back.

The “Other” catch-all category, which includes golf, soccer and mixed martial arts, generated nearly $5 million in revenue from $71.8 million. While parlay betting isn’t nearly as widespread in Nevada as it is in the rest of the country, operators still picked up a nice chunk of change – nearly $3.2 million came from more than $6.6 million, resulting in a whopping 47 .6% hold led.

The stationary books plunder the public

The return of football saw a surge in personal betting as the resulting $269.1 million accounted for just over 35% of the total. Retail sportsbook made the most of this increased presence, holding a 15.9% share of the public to generate nearly $42.9 million in September revenue.

That was the highest monthly retail win rate on record since NGCB began releasing retail and mobile revenue numbers in January 2020, and was the ninth time it exceeded 10% in that span. Revenue yield was also an all-time high as the two categories were separated in the monthly reports.

Although the monthly mobile retention rate has never reached the industry standard of 7% since NGCB began releasing mobile and retail revenue figures in January 2020, the win rate of 5.6% on stakes of nearly $492 million was the most best in 2022 and highest since just clearing 6% in April 2021.

Total sales since January 2020 topped $1 billion with September’s report, with brick-and-mortar locations accounting for more than 55% of total sales, despite only accounting for 36% of sales.

Photo: Shutterstock

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