- Sports betting handle in Nevada exploded for $609.5 million in November.
- Nevada sportsbooks collected a record $61.8 million in revenue.
- The state saw $4.2 million in tax revenue.
CARSON CITY, Nev. – Nevada has continued to see major success in the sports betting arena, with November accumulating to a record-breaking month in sports betting revenue.
Nevada saw a slight tip in mobile and online betting, but online betting still accounted for most of the sports betting activity in November.
In addition, Nevada has cleared over $2 billion in total mobile betting handle for 2020, showing that mobile betting is the primary way sports bettors in Nevada like to wager.
Nevada Sports Betting Revenue Surges
Per the official revenue report released by the Nevada Gaming Commission, it is clear that the sports betting market in the Silver State is thriving.
More than $609.5 million was wagered on sports in November. While this is a slight 7.5% decrease from the record-setting $659.2 million betting handle in October, this is still a sign of a continued active sports betting market.
What did increase, however, is the sports betting revenue for November. Nevada saw $61.8 million in gross gaming revenue which is the best month for the Silver State since the PASPA repeal. This is up 45.8% from the $42.4 million in October, and almost double the $31 million generated in November 2019.
In terms of tax revenue, Nevada took in $4.2 million, which brings the total of taxes from sports betting to $50 million since June 2018.
Sportsbooks took in $56 million in revenue from the football wagers alone, which means football bets accounted for over 90% of the record-breaking revenue numbers.
This gives much optimism for the sports betting market headed into the new year, as the NFL postseason and college football bowl games will surely attract a lot of betting activity. In addition, the NBA season return should also boost sports betting numbers.
The legal sports betting market in Nevada has continued to prove to be among the nation’s leaders.
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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.