September’s sports wagering revenues in Nevada reflected a reality in the sports betting business where the NFL has an outsized influence, and that when NFL underdogs win consistently, the betting public loses and the sportsbooks prosper.
Meanwhile, though Nevada does not have the online gambling sites that are legal and regulated in several other states, its streak of making $1 billion per month in gaming win continued.
Nevada sports betting heated up in September with the return of the NFL and college football. The state’s handle took a nice month-to-month jump, attracting almost $761 million in bets, an 86.1% increase over August (about $409 million).
However, the quantum leap was in revenues, which were about $70.6 million, just about a 340% jump from August (about $16 million), according to numbers from the Nevada Gaming Control Board in its monthly report.
The numbers would indicate a 9.3% hold for the sportsbooks, which is high by Nevada standards, where 6% to 8% is more typical. That might have something to do with NFL underdogs winning about 60% of the time in September. The betting public usually likes to bet favorites. Similarly, the public likes to bet the Over in Over-Under total points, but the Unders prevailed in the first few weeks by about 60%.
The September sports wagering handle was down 3.3% from the same month last year (about $787 million) but the robust revenues this season made for an increase of 30.3% from September 2021 ($54 million).
September mobile sports betting handle in Nevada was about $492 million, up 67.8% from August ($293 million) and down 0.7% from September 2021 ($495 million).
Mobile sports betting handle was 64.7% of total handle. Online sports wagering doesn’t enjoy the lopsided advantage in handle it has in many other jurisdictions because in Nevada, bettors have to register in-person to use mobile wagering apps. Also, out-of-towners and locals simply enjoy taking in the action at Vegas’ many elaborate sportsbooks, just like they flock to slot machines in a state lacking real money slots app options.
Breaking down Nevada’s sports wagering handle by the top sports, football was No. 1 at $481.7 million, followed by baseball at $192.8 million.
For the gaming industry at large in the Silver State, Nevada held onto its billion-dollar status. The September total gaming win for Nevada was almost $1.25 billion, making September the 19th month in a row that total gaming win reached the billion-dollar mark. The September figure was an increase of about 4% over Nevada August casino revenue.
While Nevada allows for mobile sports wagering, the only casino game the state allows online is peer-to-peer poker.
Regulators are considering regulatory measures that could encourage more gambling on eSports, clearly a move meant to attract a younger demographic.
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