Nevada, the second largest sports betting market in the U.S, has seen a spike in sports betting as a result of tourism increasing in the state. Despite COVID-19 and the continuous spread of the latest Delta variant, June saw the highest sports betting revenue in several months. Even though June is a slow month for sports in general, Nevada sports betting grew throughout the month thanks to increased tourism.
Nevada sports betting figures
Nevada sportsbooks accumulated $544.8 million in bets during June, which was a 14.2% increase from May. In May, the handle was $477.2 million. Handle is one marker of sports betting success, but revenue is critical because it’s used to calculate tax revenue.
The revenue grew 8% from May to June, totalling $29.2 million. The hold on this sum was 5.36%, and operators were forced to pay $2 million in taxes. Nevertheless, the raised revenue numbers made executives from major operators like FanDuel and DraftKings, as well as the tourism industry, happy.
Nevada is scheduled to hit a significant milestone in July. Sports betting was legalized in May of 2018. The state offered sports betting before PASPA was shot down. However, Nevada is just $6.6 million away from reaching $1 billion in revenue since June 2018.
June was the first month of widespread legal sports betting in the United States. This monumental figure shows the popularity of legal sports betting in NV and the nation. New Jersey, the most significant sports betting market in the United States, was the first to reach $1 billion in revenue. Sportsbooks have netted $1.16 billion since the June 2018 launch.
Out of the 16 states that reported their June sports betting numbers, Nevada, Michigan, Tennessee, Mississippi, West Virginia, Rhode Island, Washington DC, and Arkansas all had higher handles than in May. New Jersey saw a 6% decline.
Mobile bets and baseball
Nevada is a state that typically does well for retail sports betting because of the allure of Las Vegas. This was the case again for the state as mobile sports bets declined to 57.7% of the handle.
In May it was 62.4%, and in April it was 65.3%. Most states see at least 80% of bets placed through mobile devices, so Nevada is the minority. Nevertheless, this is because of the state’s tourism industry.
However, the mobile handle is expected to rise with the Delta variant spreading throughout the nation. Casinos may be forced to close, which will hurt the handle.
Baseball was the most wagered sports throughout the month. It accounted for $226.2 million of the handle. Basketball was second with a $194 million handle. Hockey was third with $44 million, and most of the bets were placed on the hometown Vegas Golden Knights.