August Sports Betting Revenue In Nevada Up Nearly 50% From 2018

• With summer betting over, Nevada sportsbooks kept their highest revenue total since April of this year.
• The $1.26 million sent to the state in tax contributions during August was the fourth-most for the year.
• Baseball bettors contributed to the highest handle, but football bettors allowed the books to keep the most in terms of revenue.

LAS VEGAS – The summer months of sports betting are over, and sportsbooks in Nevada are starting to see the bettors flock back to the books.

For the first time since April, Nevada sportsbooks kept over $17 million in revenue during a reporting month. The $18.7 million kept by the books in August was made possible due to a betting handle of $287.7 million.

This was up from July’s reporting month, which saw only $235.6 million as the betting handle and $10.5 million as the sportsbooks’ revenue. But that was expected, as bettors’ waits were finally over when it came to submitting wagers on the NFL.

Instead, the focus is on the year-to-year increase in action from last August, as many experts believed Nevada sportsbooks would see a decline due to the repeal of PASPA. In terms of the betting handle, the $287.7 million increased by over $40 million, or 16.2%.

As for the sportsbooks’ revenue and tax contributions, Nevada saw a much higher boost year-over-year. The $18.7 million in revenue and $1.2 million in tax contributions were a near 50% increase from the year prior. As August 2018 only saw $12.6 million kept by the books before their $850,770 tax contribution, it is safe to say the repeal of PASPA has yet to hinder Nevada sports betting.

Nevada’s 2019 Sports Betting Figures

With the total kept by the sportsbooks, it allowed that state to receive of $1.2 million tax contributions.

The majority of this money came from football bettors. Those who bet on the NFL and NCAA risked over $72.3 million at the sportsbooks, allowing the gambling establishments to keep 17.5% ($12.6 million).

Baseball bettors came in second in terms of revenue but posted a much higher handle during the month. With almost $180 million bet on baseball, bettors fared extremely well, keeping 96.26% of all action submitted. This allowed sportsbooks to hold $6.7 million from baseball betting alone.

The books were hit to the tune of just over $1 million from basketball bettors who turned in their futures wagers, as well as those who were betting on the “other” category (hockey, golf, tennis, etc.).

However, nearly half of this was made up from bettors who engaged in parlay cards, as the books kept almost 71% of the $718,613 handle.

News tags: Nevada | NFL