Nevada Sportsbooks Claim $62.3 Million In Revenue For September

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The Nevada Gaming Control Board reported Tuesday that sportsbooks across the state claimed nearly $62.3 million in adjusted gross revenue in September, the state’s third-highest total in the post-PASPA era.
With the start of the NFL season and college football shifting into high gear, a substantial increase in sports wagering action occurred both in Las Vegas and across the Silver State. A total of $811.2 million worth of wagers was accepted. That total narrowly missed landing in the top 10 all-time, but it was also the highest handle since $830.5 million was wagered in March. It was 6.6% higher than the $761.1 million in bets placed in September 2022.
Operators had a collective hold just shy of 7.7%, more than 1.4 percentage points above the previous 2023 high of 6.3% established in February. It was also the first time in 12 months the state win rate topped the industry standard of 7%. Despite revenue topping $60 million for only the fourth time in 64 months of wagering in the post-PASPA era, it was still down 11.8% year-over-year.
The state received just over $4.2 million in taxes, lifting the total for the calendar year above $21.1 million. The $313.2 million in year-to-date revenue is 5.7% higher compared to the first three quarters of 2022, though handle is down 4.8% versus last year at just shy of $5.7 billion. September’s handle was enough, however, to make Nevada only the second state to surpass $35 billion in post-PASPA handle along with New Jersey.
A welcome back to football season

September #SportsBetting numbers 🧵for #Nevada via NGCB. Han/Rev/WR by sport category (1/6)
🏈: $509.88M/$38.7M/7.59%YTD: $1.17B/$57.64M/4.94%
4/x #SportsBettingTwitter #GamblingTwitter
— Chris Altruda (@AlTruda73) October 31, 2023

The $510 million wagered on pro and college football in September accounted for nearly 63% of the overall handle in Nevada. The 7.6% hold was roughly in line with the overall win rate, as operators claimed $38.7 million from bettors. That was 25.1% lower compared to 2022, when the books routed the public in the first two weeks of the NFL season and finished with a 10.8% hold.
Baseball wagering provided the second-biggest chunk of operator revenue at $16.1 million, up 20.6% from last year despite handle slipping 2.2% to $188.5 million. The 8.6% hold in 2023 was more than 3.6 percentage points higher than last year.

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The catch-all “other” category, which in Nevada includes golf, tennis, soccer, boxing, mixed martial arts, and auto racing, provided $7.2 million in operator revenue on a 7.5% hold from $96.7 million worth of bets placed. The combined handle surged 34.7% from 2022, with the half-point bump in hold lifting the revenue increase to 45.8%.
Sportsbooks statewide reported six-figure losses in hockey (-$439,000) and basketball (-$238,000), and the two sports had just under $13.6 million handle between them. The return of football also meant the return of the house walloping the public on the few parlays being played — the house had a 34.4% hold on $2.6 million in such wagers, keeping $911,000.
Big month for the brick-and-mortars

September #SportsBetting numbers 🧵for #Nevada via NGCB. Mobile/Retail Han/Rev/WR
Mobile: $539.22M/$28.956M/5.37%YTD: $3.72B/$156.71M/4.22%
Retail: $271.94M/$33.341M/12.26%YTD: $1.97B/$156.491M/7.96%
3/x #SportsBettingTwitter #gamblingtwitter
— Chris Altruda (@AlTruda73) October 31, 2023

In-person wagering provided the majority of September’s revenue, with $33.3 million claimed at brick-and-mortar venues thanks to a robust 12.3% hold. It was the highest revenue total since the $37.1 million taken last December by operators, who posted their first collective double-digit hold of 2023.
Mobile wagering accounted for roughly two-thirds of the total state handle at $539.2 million, but those operators finished with just shy of $29 million while posting a 5.4% win rate.
The $313.2 million in revenue this year has been split nearly 50-50 between mobile and retail sources, with mobile operators ahead by just $219,000. Mobile sportsbooks have a 4.2% hold for the first nine months of 2023, while brick-and-mortar venues are bumping up against 8%.

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