During October, NFL favorites regularly covered the spread, which caught up to several sportsbooks, including some in Nevada. Operators in the Silver State saw their sports betting revenue decline by 57% year-over-year. The Nevada Gaming Control Board reported $28.9 million in revenue from a $795 million handle in October.
That was down 2.5% compared to their figures from October 2023. Nevada operators combined for $9.7 million in revenue from football, but that was down a whopping 72.9% compared to October 2023’s figures. State sportsbooks also saw a 109.7% decrease in multi-leg bet revenue. A hold of 3.6% in October 2024 was Nevada’s lowest since 2% in June 2023.
Why did Nevada sportsbooks struggle in October?
In September 2024, Nevada sportsbooks produced a record $80.9 million in revenue. Despite the success during September, Nevada sportsbooks took a step back in October 2024. First off, statewide wagering decreased by 4% from September. Even with wagering taking a hit, the state’s year-to-date handle surpassed $6 billion.
Online wagering accounted for $519.9 million or $65.4% of the total handle in October. Those figures were down 3.2% year-over-year. The state’s revenue of $18.8 million in October was a 46.4% decrease from October 2023. State coffers collected just under $2 million. That was down from the $5.5 million they hauled in September.
What sports were successful in October?
While overall sports betting revenue took a step back in October, some sports did see success. The NBA tipped off in October and Nevada saw $7.2 million in basketball revenue. Those figures were up 125% year-over-year. State sportsbooks saw an 8.4% increase in hockey revenue compared to numbers from October 2023. The state’s “other” category generated $5.6 million in revenue. A 62.1% increase year-over-year.
