The Silver State’s sports betting operators enjoyed a profitable November. Nevada's Gaming Control Board reported $67.5 million in monthly revenue, a 64.7% increase from 2023 and 126.5% better than a bettor-friendly October.
Football returned to a more profitable venture for sportsbooks, bouncing back from October’s $9.7 million hold with $40.7 million in the latest reported month. Pigskin profits also increased 131.3% year-over-year.
November’s $837.9 million handle was down 9.1% year-over-year but a 5.4% increase month-over-month. The $585.5 million online sports betting handle accounted for 70% of overall wagering in Nevada while mobile operators took in $40.6 million of overall revenue.
The Silver State filled its coffers with $4.5 million in sports betting tax income, up from October’s less than $2 million haul.
2024's third-highest hold
The 8.1% hold in November soared above Nevada’s yearly average, which fell to 6.4% after October. The 3.6% win rate that month was the lowest since June 2023.
November’s hold was also up nearly four points year-over-year and is the third-highest operators produced in 2024. Led by more NFL outcomes that positively affected sportsbooks, football generated a slightly higher win rate of 8.5% for the month which was also up more than five points compared to the previous November.
Basketball profits soar
In the first full month of the NBA season mixed with college basketball's return, hoops helped Nevada sports betting operators haul in another $17.5 million, 143% month-over-month and 48% year-over-year increases.
During the month Formula 1 was in Nevada for the Las Vegas Grand Prix, other sports produced a combined $9.7 million in revenue, up over 50% from 2023, on a nearly $80 million handle.
Just weeks after the MLB season ended with the L.A. Dodgers beating the N.Y. Yankees in the World Series, bettors cashed in enough tickets in November to set sportsbooks back $5.1 million.
