Nevada Sports Betting Handle Records 12.9% Increase in November

Nevada witnessed a modest uptick in sports wagering activity during November, according to the latest figures released by the Nevada Gaming Control Board.

The reported betting handle for the month tallied a notable $921 million, reflecting a substantial increase of 12.9% compared to October’s handle of $815.6 million. Despite this surge, November’s handle slightly dipped when compared with the same month of the previous year, which stood at a marginally higher figure of $928 million.

Online Operators Record $625 Million in November

Nevada’s recent betting trends displayed a dominant performance in mobile wagers. Of the total handle, the Silver State recorded a substantial mobile betting handle, amounting to $625 million in Nov. 2023, constituting a staggering 67.8% of the total wagers placed during the month.

However, the mobile betting handle for November observed a slight decrease when compared to the same period in the previous year. This decline amounted to a differential of $17.5 million.

In terms of revenue, the legal operators in Nevada collectively amassed $40.1 million in revenue, marking an 8.8% increase compared to Nov. 2022. The state witnessed a hold percentage of 4.45%, a notable rise from the 4.05% recorded in the corresponding month of the previous year.

November’s revenue figures showed a significant decline compared to October. October recorded the state’s third-highest revenue peak in history, amassing a substantial $68.1 million. This impressive figure was only surpassed by Sept. 2022’s revenue of $70.6 million and Nov. 2021’s reported revenue of approximately $72 million.

Of the $41 million generated in revenue, online sportsbooks accounted for about $21.3 million as bettors limited them to a hold of 3.4%, while retail sportsbooks contributed $19.8 million.

Nevada’s Annual Betting Volume Reaches $7.4 Billion

The state’s sports betting handle since the beginning of the year has amounted to $7.4 billion, marking a 5.1% decrease compared to the corresponding period in the previous year’s first 11 months. Despite this decline in handle, the year-to-date revenue has surged to $422.3 million, exhibiting an 8% increase over the revenue generated during the same period last year.

In November, operators contributed $2.8 million in tax payments to the state treasury. Looking at the cumulative tax revenue for the year so far, the state has collected $28.5 million. This translates to an increase of $2.1 million compared to the figures reported at the same time last year.

Nevada Ranks Fourth Among States with Highest Betting Handles in November

In a month where several states in the eastern United States soared to unprecedented betting heights, Nevada, the long-standing hub of gambling, solidified its position among the top betting states for November.

Despite an expectation for a potential fifth billion-dollar handle since Jan. 2022, Nevada narrowly missed this milestone.

New York surged above $2 billion for the second consecutive month and New Jersey set an all-time high of $1.6 billion. Pennsylvania placed third with a handle of $934.1 million in November.

The Silver State finished in fourth position, notching its second-highest handle of the year, behind January’s handle of $935.8 million.

Las Vegas’ brick-and-mortar venues continued to play a pivotal role in the state’s betting scene, witnessing $296.6 million in wagers, representing 32.2% of the overall handle. In-person betting activity was up 3.6% from 2022 figures.

This boost in November propelled the 2023 retail handle total beyond $2.5 billion, culminating to $10 billion in all-time in-person handle post-PASPA.

About the Author
Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with more than four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

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