Sports Betting Action Decreases YoY in Nevada for Second Consecutive Month

Nevada sports betting operators’ monthly hold of 5.41% was nearly identical compared to April 2023 and a touch higher than 5.3% from the previous month.

Brad Senkiw - News Editorat Covers.com
Brad Senkiw • News Editor
May 29, 2024 • 15:57 ET • 4 min read
Vegas Golden Knights NHL
Photo By - USA TODAY Sports

A decline in sports betting action continued in the Silver State. 

The Nevada Gaming Control Board reported that online and retail sportsbooks combined in April to generate $569.3 million in total wagers, down 27.4% compared to March and 4.8% from April 2023. 

March’s handle was down 5.5% year-over-year as well. The NGCB claimed a Super Bowl-site hangover that month as high-valued guests didn’t return after spending time in Las Vegas in February. There wasn’t a UFC event or NCAA tournament games in town to draw a big crowd.

Did the hangover carry over to April? April revenue of $30.8 million rose 3.4% month-over-month but fell 5% year-over-year. 

Nevada sports betting operators’ monthly hold of 5.41% was nearly identical compared to April 2023 and a touch higher than 5.3% from the previous month.

Bettors bash retail

It was again a rough month for retail sportsbooks as operators produced a 3.5% hold on a handle of $179.2 million. Brick-and-mortar sportsbooks made $6.3 million of April’s total revenue. 

However, March was worse. Retail produced a 1.4% hold in the previous month.

Online sports betting’s $389.8 million handle accounted for 68.5% of the amount wagered and was down 1.4% year-over-year. Mobile wagering produced a 6.3% win rate. 

The Silver State hauled in a little more than $2 million in tax revenue.

Pigskin proves costly

Football is still draining sportsbooks’ revenue. 

After paying out nearly $13 million to pigskin bettors in March, Nevada sports betting operators shelled out another $5.7 million in April on a handle of $2.4 million. 

With college basketball and the NBA regular season wrapping up and playoffs getting underway in April, the roundball sport produced $13.3 million of revenue on a handle of $222.9 million. 

Baseball gave sportsbooks a solid month with $10.7 million of revenue on a handle of $188.9 million.

In a month when the NHL playoffs began, hockey had the highest hold of any individual sport at 10.4%. The sport produced $5.7 million in revenue as the Vegas Golden Knights were knocked out in the first round of the Stanley Cup Playoffs.

The “other” sports combined to generate $6.8 million of profit on a $100 million handle.    

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Brad Senkiw - Covers
News Editor

Brad has been covering sports betting and iGaming industry news for Covers since 2023. He writes about a wide range of topics, including sportsbook insights, proposed legislation, regulator decision-making, state revenue reports, and online sports betting launches. Brad reported heavily on North Carolina’s legal push for and creation of online sportsbooks, appearing on numerous Tar Heel State radio and TV news shows for his insights.

Before joining Covers, Brad spent over 15 years as a reporter and editor, covering college sports for newspapers and websites while also hosting a radio show for seven years.

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