Nevada Books See Sports Betting Handle Rise as Revenue Falls in August

The Silver State’s legal sports betting handle of $431.3 million jumped 5.7% from July to August, but profits fell 28.4% to $18.1 million.

Nevada felt the first effects of football in August with the NFL preseason and a smattering of college football games, but it wasn't enough to turn a huge profit. 

The Silver State’s legal sports betting handle of $431.3 million jumped 5.7% from July to August according to the Nevada Gaming Control Board.

It marked a 5.5% increase year-over-year as online sports betting sites made up 73.4% of total wagers. For a state that claimed over $1 billion in total gaming revenue, sportsbook operators didn’t make out as well as the previous month, with profits falling 28.4% to $18.1 million — down 12.7% from August 2022. The 4.2% hold was also two points lower than July’s win rate. 

However, it likely won’t stay this way. With the handle trending upward and football season taking up all of September, sportsbooks are likely to be bringing in a better haul this fall. 

Operators paid out $1.2 million in taxes to the Silver State, down from July’s $1.7 million payout. 

Football has arrived

Baseball made up $272 million of the total handle to lead Nevada sports betting in August, leading to revenue of $9.5 million. 

Early football helped bring in $52.1 million in wagers, and sportsbook operators enjoyed a 9.8% hold on the sport to produce revenue of $5.1 million a month after suffering a $782,000 loss. 

Sportsbooks lost over $1 million on basketball and hockey combined while the other sports — which combine soccer, tennis, MMA, and boxing — brought in $8.8 million in profits.