Nevada Enjoys 55.7% Year-Over-Year Revenue Increase for Sports Betting in July

Silver State sportsbooks experienced their strongest hold in two years, with a notable 7.4% performance solely from baseball betting.

With the Las Vegas Golden Knights’ run to winning the Stanley Cup in the rearview mirror, legal sports betting operators in Nevada returned to their winning ways in July. 

The Nevada Gaming Control Board reported that revenue jumped from $9.5 million in June to $25.3 million in July. July's figures also came in 55.7% higher than its 2022 numbers. Despite the Silver State's overall handle falling 2.7% year-over-year, the hold of 6.2% for Nevada sports betting was more than a two-point increase compared to July 2022.

The state picked up $1.7 million in taxes, up more than $1 million from June, and put Nevada over the $15 million mark for the calendar year. Online betting sites accounted for $268.1 million (65.7% of the overall handle) but were down 2% year-over-year. 

Diamond success fuels operators

Baseball can be attributed to the Nevada operators’ success in July, as the sport brought in over $19.9 million in revenue on a handle of $269.7 million. The 7.4% hold on baseball alone was the best for Silver State sportsbooks in two years. 

Basketball ate up a little of the profits as Nevada operators lost $2 million on a handle of $34.4 million. The other sports — which combine soccer, tennis, MMA, and boxing — brought in a handle of $100.9 million. A hold of 8.7% produced revenue of $8.8 million. 

Meanwhile, American football cost sportsbooks over $780,000 on a reported July handle of $3.1 million. 

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