Nevada’s latest figures have put the US sports betting market on track for record performance.
According to the latest figures from the Nevada Gaming Control Board (NGCB) sportsbooks in the Silver State took $646.5m in sports bets in January.
This marks the fourth time the state has broken the $600m handle mark and January’s handle is just shy of the $660m record from October 2020.
January’s handle also marked a significant increase on the $588m wagered on sporting events in December 2020.
When it comes to revenue, Nevada’s sportsbooks held onto $52.4m which marks the state’s second-highest revenue figure to date. In terms of tax revenue, sportsbooks paid $3.5m to the state.
Nevada’s mobile performance
Of the state’s total handle, bettors wagered $363.8m via mobile sportsbooks which is just 56.3% of the state’s total handle. This pales in comparison to other markets where online and mobile betting has become the most popular way to bet.
In New Jersey, mobile betting handle accounts for 92.5% of the state’s total handle while online betting makes up 94.3% of Pennsylvania’s handle.
Operators managed to generate $23.1m in revenue from online betting which made up less than half of the state’s total revenue.
One of the main reasons Nevada’s mobile market has yet to dwarf the land-based industry is the fact that the state still requires customers to create their online betting accounts in-person at one of the state’s land-based casinos.
What did people bet on?
According to the state report, bettors wagered $293.1m on basketball events in January making this the most popular sport to bet on last month. Sportsbooks in the state managed to generate $22.2m in revenue from basketball betting.
Football took second place in January after bettors in the Silver State wagered $288.3m on football events. Despite coming in second place with handle, football betting generated $25.6m in revenue making it the most profitable sport for operators in January.
Bettors in Nevada wagered $32.8m on hockey events and $37.2m on the “other” sports category.
Nevada and the other state
While it is too early to say where Nevada will rank in the wider US sports betting industry in 2021, January’s figures paint an interesting picture.
New Jersey was the highest performing market in January after sportsbooks took $958.7m in sports bets. Nevada followed in a distant second place with $646.5m while Pennsylvania third place with $615.3m in bets.
Although the Silver State will likely remain as one of the top states for sports betting, there is no guarantee it will still hold second place next to New Jersey. Other states with a much higher ceiling for growth may begin to outperform Nevada.
Some of the more mature betting states like Pennsylvania or even younger states showing early potential like Illinois, Colorado or Tennessee could dethrone Nevada in the future.
