Washington

Nevada Sports Betting Latest Market To Report April Dip

Even the oldest legal US market cannot escape the March Madness hangover as sports betting in Nevada dipped in April.

Handle was $454.7 million for the month, down 29.1% from the $641 million bet in March. Nearly 80% of March’s handle came from basketball thanks to betting on March Madness.

Sports betting revenue also dipped to $27.2 million for a 6% hold. Operators paid $1.8 million in taxes.

April’s handle was the lowest for NV sportsbooks since last July. That makes sense considering it is the first slower season for sports since the COVID-affected calendar.

Nevada sports betting had little action last April

This is where the comparison to last April would be if there was one.

The Nevada Gaming Control Board did not release monthly sports betting results last year in April and May. Casinos were closed in those months so the regulator only had online poker and online sports betting revenue to report.

The regulator cannot release information on an individual operator. Since only one poker operator reported results for those two months, all sports betting revenue had to be redacted as well.

Last April and May combined for just $56.3 million in total handle. That was from a combination of things:

  • Very few sporting events to bet
  • The inability to register for a Nevada sportsbook account online
  • The importance of retail and tourist betting to the market

Mobile betting accounted for 65.3% of handle in April 2021, up from 60% in March. That figure has hovered in that range with casinos open since the regulator began reporting it last January. It could increase if registration laws ever change.

A public workshop to consider updating online betting rules was canceled last October and again earlier this month, though it should be rescheduled after the Nevada legislative session ends next week.

Basketball, baseball lead April handle

Basketball was again the top sport by handle with $181.1 million bet and $8.6 million in revenue.

Baseball came second in handle with $163.7 million wagered but led the way in revenue with $14.1 million.

Hockey, which included the hometown Vegas Golden Knights hitting an 11-4 run in April, brought in $45.6 million in bets.



Source

Sportsbook
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