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Nevada Sees November Handle Climb over $1B for Sports Betting

Nevada Sees November Handle Climb over $1B for Sports Betting

Nevada’s sports betting handle surpassed the $1 billion mark once again for the second straight month.

Despite having one less weekend, sportsbooks in Nevada accepted $1.086 billion in wagers which was a decrease of 1.3 percent from October’s $1.1 billion sports betting handle but 78.2 percent higher than November 2020’s handle of $609.4 million.

Who Did the Sports Betting Handle Results Favor in Nevada 

New Jersey set the all-time sports betting handle record, which amassed a handle of $1.3 billion in October. However, Nevada’s handle this month was the second-highest in its history and the fourth-highest in national history.

Despite having a lower handle than October, the mobile sports betting handle set a new record as online sportsbook operators took in a total of $777.2 million. This signifies an increase of 10.4 percent from the previous record set last month at $703.8 million.

Looking at the year-to-date figures, November’s mobile sports betting handle saw an increase of 126 percent in that span. Betting on mobile platforms also made up 71.6 percent of the state’s overall handle.

Unlike the numbers in October that favored the players, the sports schedule favored the house in November. 

November’s sports betting revenue hit $71.9 million, a new all-time high that portrayed a steady gain of 49 percent from October’s numbers of $48.3 million. The revenue number was 16.4 percent higher than the previous record set a year ago at $61.8 million.

Even with the start of the college basketball season, football was still the most popular sport for the month. 

Football accounted for more than half of the bets as bettors across the state placed a total of $558.6 million. Without the extra weekend, the sports betting handle for football saw a total handle decrease of 26 percent when comparing October’s figures of $729.3 million.

The first full month of the NBA and college basketball helped offset not having an extra weekend and the decrease in the volume of bets placed on football. Basketball took home the second-highest handle, just behind football for the month.

The average volume skyrocketed for basketball as it saw an increase of 110.9 percent, which brought in $376.1 million compared to just $110.9 million last month. The other sports category was the third-highest handle bringing in $67.7 million. NHL brought $63.9 million, and playoff baseball accumulated $11.7 million to round out the top five.

Parlays made up $8 million of the sports betting handle. It looks like sports betting handles throughout the country may be on track to potentially break previous handle records.

The Outlook For the Sports Betting Industry Going Forward 

The pandemic has affected the sports betting industry as numerous sporting events have been canceled in the last few weeks. NHL games were canceled for a week, and a couple of Bowl Games have been canceled or postponed.

Most notably, NFL lines have been affected as numerous players have entered COVID protocols. These cancellations may affect the sports betting handles for most if not all the states where sports betting is legal for December and moving forward.

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