- February is a month that typically sees a drop in sports betting handle and revenue across the country because it is the shortest month of the year and Nevada can attest to that fact.
- Nevada had a lower handle and revenue reported in February 2021 but a higher handle was seen in February 2020.
- While activity was down month-over-month, Nevada saw almost a 50% increase in mobile sports wagering year-over-year.
LAS VEGAS – The Nevada Gaming Control Board (NGCB) posted February’s sports betting figures on Thursday which showed a decrease from January’s numbers in both handle and revenue.
Sportsbooks across the nation were expecting to see a drop in activity because February is the shortest month of the year, leaving less time to gamble. However, February was only down on a month-over-month level because year-over-year showed that February 2021 showed an increase in wagering from the February 2020 reports.
The Numbers Game
In February, the NGCB posted $554.058 million in handle with $316.347 million of that coming from mobile sportsbooks. Revenue for the month came in at $31.846 million. This showed a difference of a 14.3% decrease in handle from January, a 13% drop in mobile handle, and a 39.2% dip in revenue month-over-month.
January’s numbers came in at $646.492 million for the total handle with $363.679 million coming from mobile sportsbooks, coming in for a combined total of $52.381 million in revenue.
In February 2020, handle was at $491.7 million seeing a 12.7% increase one year later. Mobile sports betting handle from that same report was at $218.7 million which showed a whopping 44.6% jump year-over-year for mobile sportsbooks. Revenue was better in February 2020 with $38.1 million, dropping by 16.3% for the same month in 2021.
What Does It Mean?
Nevada sports betting numbers cannot be too deterred from the lowered number of wagers placed on sporting events in February because it seems to have been a trend throughout the entire nation where regulated sports gaming is concerned. While they did have less than favorable figures for the month, seeing a balanced lowering of numbers across the board, they were still able to do better in February 2021 than they were able to do in February 2020.
And their mobile sports wagering platforms are growing in popularity as can be seen in the report. That can only help in the future for the industry and its profit margins. Sports betting revenue was down both year-over-year and month-over-month but that just means sports bettors in the state that are betting on sports matchups are winning.
March figures should see a surge in activity in Nevada with March Madness and the NBA games heating up for the month.
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Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.