Browse articles by topic

Nevada sportsbook handle falls behind NJ in July


Nevada has once again seen its sportsbook handle fall below that of New Jersey, with customers in the state wagering a total of $235.7m in July. 

Total handle was down 3.6% year-on-year decline, though a significantly higher hold for July 2019 resulted in revenue growing strongly. Sportsbook revenue for the month was $10.5m, compared to $4.1m for the prior year.

Despite New Jersey reporting an 8.0% month-on-month decline in handle, its $251.4m total was still enough to surpass amounts wagered in Nevada for just the second time. New Jersey first beat Nevada – in terms of amounts wagered – in May, only to fall behind again in June. 

Over the month baseball was the main source of revenue for Nevada’s sportsbooks, accounting for $8.6m of the state’s sports betting total. This was offset by losses from betting on basketball and football, of $2.1m and $182,000 respectively. 

A further $64,000 in revenue came from parlay cards, with betting on other events making up the remaining $4.1m.

The growth in sports betting revenue came as gaming revenue across all verticals rose 2.8% year-on-year to $1.02bn. A marginal decline in table, counter and card games revenue (including sports betting) to $328.1m was offset by a 4.2% increase in slot revenue, to $695.9m. 

The decline in table, counter and card games was largely a result of falling revenue from blackjack (down 6.6% to $87.4m) and baccarat (down 23.7% to $77.1m). This was partially mitigated by higher craps revenue (up 12.1% at $39.3m) and from card games, for which revenue almost doubled year-on-year to $22.2m. 

Slot growth, meanwhile, was powered by a 9.2% increase in revenue from 1 cent machines, to $307.1m.

Clark County, including Las Vegas, was the main source of revenue, accounting for $860.4m, or 84.0%, of the state’s monthly total. This represented a 2.5% improvement on the prior year. The Las Vegas Strip itself was responsible for $541.8m of the Clark County total.