- Nevada’s sports betting handle for January hit $646.5 million.
- This is the fourth month Nevada has passed the $600 million mark.
- January’s numbers are 2% shy of the record set in October.
CARSON CITY, Nev. – Nevada sports betting started the new year with a lot of wagers, as the January numbers were impressive.
Nevada nearly broke their single-month betting handle record in January, only 2% shy of the record set in October 2020.
Nevada sports betting fans pushed the Silver State past $600 million in wagers, which is only the fourth time the state has seen such activity.
Nevada Continues To Thrive
In total, Nevada reported $646.5 million in wagers; the second-highest sports betting month in the state’s history.
The strong numbers also translated to solid sports betting revenue for local books. More than $52.4 million was collected, an 8.1% hold rate with the state seeing $3.5 million in tax revenue. Nevada collects 6.75% in taxes from sportsbooks.
Mobile sportsbooks were the major source of total wagers in January, seeing $363.8 million bets through sports betting apps.
Interestingly enough, this is just 56.3% of the total wagers made, which is small in comparison to other markets like New Jersey and Pennsylvania who see more than 90% of their total wagers done online.
The fact that Nevada’s retail sportsbooks manage to contribute to such a high percentage of their total wagers during the global pandemic is impressive, to say the least.
Retail sportsbooks were responsible for most of the sports betting revenue as well, with 55.8% of the total revenue coming from retail locations.
The numbers are expected to grow even more in February. Not only will the NBA season be in full swing, but the biggest single-game wagering event in the Super Bowl will surely see record-breaking numbers.
Super Bowl 55 was the most wagered on Super Bowl in sports betting history, and once the official report is released from Nevada, the Silver State is sure to show all-time highs in both betting handle and revenue.
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Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.