On Thursday, the Nevada Gaming Commission reported $25 million in sports betting revenue. That was a notable year-over-year increase for operators in the state. Compared to their numbers from August 2023, the revenue was up 38.2%. That comfortably outpaced a 5.8% rise in the handle to $455.8 million.
Revenue was down 3% from their figures in July despite a 21.3% upswing in their betting handle. In August, the $4.86 billion handle was down 3.9% compared to their figures in the first eight months of 2023. However, the $289.9 million is up 15.5%. Their 6.4% hold in 2024 is over one percentage point higher. Nevada’s year-to-date totals for state taxes are $19.6 million, roughly $2.6 million ahead of their pace last year.
Where did Nevada sportsbooks see the most wagers in August?
August has Week 0 of college football, NFL pre-season, MLB, and other various sporting events to bet on. While it’s not as busy as the fall, Nevada still saw increased revenue last month. Operators collected more than $8.7 million in revenue in August from football. That was a 72.9% increase from their figures in 2023. Additionally, Nevada’s $84.6 million handle was up 62.2% last year. That also beat their previous record of $72.3 million in August 2019.
The “catch-all” category took a jump in revenue for August 2024. This includes golf, tennis, soccer, boxing, MMA, and auto racing. Nevada sportsbooks collected $7.6 million in revenue, a 64% YoY increase. Their betting handle from the “catch-all” category in August was $112.3 million.
This helped Nevada sportsbooks offset a negative shift in baseball wagering last month. Their revenue for baseball in August was 1.8% higher at $9.7 million. However, the betting action from April – August has decreased compared to 2023. Nevada’s $1.14 billion handle in that fourth-month span is down 15.4% YoY. Their $$61.5 million in revenue is also 10% lower.
How did mobile sportsbooks fare in Nevada?
Despite $14.8 million in revenue from mobile sportsbooks in August, Nevada’s 4.7% hold on $313 million worth of wagers is their lowest in 2024. Digital wagering accounted for 61.4% of the total revenue. That is on pace to be the highest percentage since the NCGB first published those figures in 2020. Retail sportsbooks had a 7.1% win rate in August, enough for $10.2 million in wagers from $142.8 million in wagers.
