- Nevada sportsbooks took in almost $550 million in legal sports wagers during October.
- Year over year, sports betting revenue increased by $100 million from legal sportsbooks.
- New sports betting handle and revenue records should continue to be set with mobile betting.
LAS VEGAS – With Nevada being one of the last states to report their sports wagering revenue data for October, the information behind legal sports betting only continues to grow.
Nevada sportsbooks took in a handle of $543.5 million, and the sportsbooks were able to keep nearly $48 million in revenue during the month. When added to the total of all legal sports betting states’ revenue for October, the collective total surpassed the $140 million mark.
This is the highest monthly revenue figure that states have seen since the repeal of PASPA which makes sense since more and more states are legalizing over time.
Nevada Sportsbooks Still Thriving
However, the amount of progression may have some in awe, as many believed Nevada sportsbooks would see a sharp decline or that sports betting would need some time to get off of the ground.
Neither case seems to be true, as for sportsbook revenue in October this year, they have taken in $656 million more than they had in October of last year. As far as the revenue change, the combined sportsbooks have kept $100 million more during this year compared to last October.
The increase can certainly be attributed to six more states having launched sports betting since October 2018 but Nevada isn’t slacking on their year-to-year totals either.
Sports betting in Nevada during October saw an increase of nearly $15 million on the betting handle and over $18.3 million on the sportsbooks’ revenue. This accounted for an extra $1.2 million in sports betting tax in Nevada as compared to last year – an increase of over 62%.
Sports Betting Throughout The United States
With the help of Nevada, the extra $100 million in sports betting revenue was a 229% increase from last October, indicating that this industry still has much more growth ahead.
During October, the collective betting handle eclipsed the $1 billion mark for the fourth time since the repeal of PASPA. However, the $1.5 billion wagered in October throughout the reported legal sports betting states sets a new record – one that will likely be broken again moving forward.
With over $36 million sent to the local and state governments from sports betting taxes, the states that have yet to legalize or launch are certainly missing out. When these states (Montana, Illinois, Washington DC, Tennessee, New Hampshire, North Carolina, and Colorado) get in on the action, it will be interesting to see if the powerhouse sports betting states continue their dominance or watch their percentage of the market share decrease with the additions.
Either way, over $9.3 billion has been wagered on sports legally since the beginning of the year, and all signs point to things speeding up and not slowing down.
Michael began writing as an NBA content writer and has spent time scouting college basketball for Florida State University under Leonard Hamilton and the University of Alabama under Anthony Grant. A graduate of both schools, he covers topics focused on legal sports betting, betting odds, and casino reviews. Michael likes to golf, play basketball, hike, and kayak when not glued to the TV watching NBA games.