The Silver State’s legal sports betting handle of $431.3 million jumped 5.7% from July to August, but profits fell 28.4% to $18.1 million.
Nevada felt the first effects of football in August with the NFL preseason and a smattering of college football games, but it wasn't enough to turn a huge profit. made up 73.4% of total wagers. For a state that claimed over $1 billion in total gaming revenue, sportsbook operators didn’t make out as well as the previous month, with profits falling 28.4% to $18.1 million — down 12.7% from August 2022. The 4.2% hold was also two points lower than July’s win rate.
However, it likely won’t stay this way. With the handle trending upward and football season taking up all of September, sportsbooks are likely to be bringing in a better haul this fall. Early football helped bring in $52.1 million in wagers, and sportsbook operators enjoyed a 9.8% hold on the sport to produce revenue of $5.1 million a month after suffering a $782,000 loss.
Sportsbooks lost over $1 million on basketball and hockey combined while the other sports — which combine soccer, tennis, MMA, and boxing — brought in $8.8 million in profits. Copyright © 1995 - 2023 CS Media Limited All Rights Reserved. If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so. It is your sole responsibility to understand your local laws and observe them strictly.
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