The Nevada Gaming Control Board has reported a 12.7% increase in sports betting revenue year-over-year, with August 2023 recording $18.1 million in revenue.
Handle increased 1.5% on a month-over-month comparison, rebounding from July’s $408.3 million to reach $431.0 million in August. It is also a marginal increase on a yearly comparison, up from $408.9 million in August 2022. The 12.7% increase in revenue is owing to a hold increase, rising to 4.20% from 3.93% the year prior.
Breakdown on a revenue basis by sport was as follows:
- Football: $5.1 million
- Basketball: -$0.7 million
- Baseball: $9.6 million
- Other: $4.7 million
The largest sport by wagering volume was baseball, taking $272.1 million. Football betting started to gather momentum, up considerably and posting $52.1 million for August.
Given Nevada reporting standards, September should see a huge boost to sports betting handle given the start of the new NFL season.
Nevada’s overall sports betting hold is on the low side compared to other states. Sports betting hold for August was 4.20%, an increase from 3.93% last August but down from 6.19% in July.
Outside of sports betting, the NGCB reported overall state gaming revenue of $1.21 billion for August. This was marginally up year-over-year by 0.07%, but 14.3% down on the $1.4 billion recorded in July.
Slots remains Nevada’s largest revenue generator, taking $829.2 million of all the state’s revenue for August. Table game revenue increased to $380.1 million, with Baccarat generating 30.6% of table games revenue, closely followed by Twenty One which took 26.1%.
The Nevada Gaming Control Board reported $11.2 million in ‘Win Amount’ from Card Games which is understood to be rake from poker games. Of this, industry assumptions dictate 50% is generated through Nevada online casino, but poker is strictly the only type of online gaming available in the state.