Nevada Sports Betting Revenue Records $64.7 Million in January

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Nevada sports betting operators accepted bets worth $935 million in Jan. 2024. Sportsbooks saw a mixed bag of results in Nevada, but the state’s best betting sites still managed to put on a strong performance despite a slight slowdown.

Regardless of a 16.4% year-over-year decline in accepted wagers, the best sportsbook apps in Nevada reported a commendable 28.4% increase in revenue in comparison to the same period in the preceding year. Overall, the Nevada Gaming Commission reported sports betting revenue worth $64.7 million in January, mostly carried by the Super Bowl.

The football playoff season proved to be the centerpiece of betting activity in Nevada, giving sportsbooks a 10.9% win rate and enabling them to rake in an impressive $38 million in revenue for state providers, making it one of the strongest months for the state so far.

The ripple effect also extended to retail sports betting, with the state’s brick-and-mortar sportsbooks settling for a 12.6% win rate against Nevada’s sports betting fans. Similarly, baseball payouts were marginally higher in 2024, with the state’s sportsbooks paying out more than $1 million above the $15,311 in accepted wagers.

Winning tickets cost operators only $709,000 in 2023 against roughly the same handle. In the ‘other’ category, which includes a combination of sports such as soccer, tennis, combat sports, and racing, the handle for Jan. 2024 stood at $69.3 million, a significant 16.1% improvement from last year.

Despite a slight downturn, basketball revenue clocked in at a slightly higher win rate of 5.8%, which led to operator winnings of $18.4 million on a handle of $317.4 million. Operator winnings from basketball experienced a 19.8% increase, with the hold being 1.9% higher. Handle plunged 19.1% versus the $392.2 million put forth by bettors to start last year.

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Nevada Sportsbooks Off to a Shaky Start in 2024

Overall, Nevada’s top sportsbooks collected $64.7 million in revenue during Jan. 2024. Despite the figure pointing to a slight decline over the previous year, it is not too far off the mark. Online betting sites accounted for about 65% of the overall sports wagering activity in the state, with mobile betting down just 12.5% year-over-year.

Revenue figures painted a positive picture, with the total representing a significant 28% year-over-year increase from the previous year’s $50.44 million. This revenue haul also contributed $4.4 million in tax revenue to the state’s coffers, bringing Nevada closer to the milestone $150-million mark in lifetime tax contributions from state sportsbooks.

Football remained the dominant force in sports betting, accounting for the lion’s share of wagers and revenue despite a 17.5% year-over-year drop in January. The Super Bowl final alone accounted for $185 million in wagers placed at the state’s sportsbooks. Despite football outperforming all the other sports, its growth rate paints a pretty grim picture of the future of sports betting in the state.

Casino Results Indicative of Mixed Performance in Nevada

Looking at Nevada’s broader and much larger casino industry, January’s revenue figures were a mixed bag. Slot machines continued to lead the charge by drawing in $885.9 million in revenue, while table and card games experienced a decline, with revenue dropping by 7.5% to $393.5 million.

Sports betting, however, was a bright spot in the casino segment, reporting a 28.4% increase in revenue to $64.7 million, despite the figure still being less than 10% of the revenue generated by the state’s slot machines. Once again, American football rallied revenue figures by generating $38.5 million as the NFL season drew to a close, with Las Vegas playing host to the festivities of the Super Bowl final.

Overall, January was a month of ups and downs for Nevada’s gambling industry. However, with sports betting leading the way, the state’s gaming industry appears to be secure, as one of the most mature markets in the country.

Nevada’s Shaky Run Continues

While sports betting and gaming continue on a wild upward trajectory in regions that have just legalized wagering, Nevada is one of the oldest markets in the country and accordingly, any fluctuations in its revenue can be used to predict the future trajectories of newly regulated markets.

Incidentally, New York, New Jersey, and Ohio all exceeded $1 billion in wagers in Jan. 2024, well ahead of Nevada.

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About the Author
Nikhil Kalro

Nikhil Kalro

Nikhil Kalro is a sports betting writer at Gaming Today. With an interest in strategy and mathematics, applying that to sports writing was the natural progression. Nikhil’s previous experience includes working with ESPN for five years. His specializations include soccer, football, basketball, tennis, and esports betting.

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