The Super Bowl can’t come soon enough for operators in the Silver State. While many expect February to be a popular time for bets, December was a relative disappointment, although the sportsbooks didn’t mind.
The Nevada Gaming Control Board reported a total sports betting handle of $843.5 million, an 8.5% monthly decrease from the $921.9 million in November. On top of that, compared to December 2022, where Nevada sportsbooks accepted $880.5 million, last month represents a 4.2% drop year over year.
While the quantity of wagers didn’t come through in December, the sportsbooks made the most of it. Their hold percentage was 7%, much higher than November’s 4.4% and last year’s 6.2%. That means Nevada’s operators won $59.1 million, a whopping 47% spike over the previous month and a 7% increase from the previous year.
While the other sports betting states see the vast majority of their action online, Nevada, and its requirement for customers to register in-person, have a much more shallow online market. That being said, the retail locations are still playing second fiddle to the mobile giants. In December, 33% of all action came to a physical book, a slight increase from November’s 32%.
Sportsbooks winners and losers in 2023
In a non-surprising revelation, bettors in Nevada are choosing their bets wisely.
In 2023, sportsbooks reported a massive win percentage on parlays (28.1%), but these bets didn’t bring in the dollars they hoped. Overall, operators won just $8.4 million last year.
Football wagers, on the other hand, brought the books a much lower 5.8% winning percentage, but their net earnings were roughly $158 million for the year.
The operators won the most money from their online bettors, making $240 million in 2023, but their hold was just 4.4%, the lowest of any reported category.
Handle down, revenue up year over year
Nevada generated $8.78 billion in total sports betting handle in 2022, but that number was down to $8.26 billion in 2023.
However, gross revenue saw a bump to $481 million from $446 million.
