Guess Who’s Back? Nevada Sports Betting Again On Top After Record June Handle

Don't call it a comeback — Nevada‘s been here for years.

The Silver State returned to its longtime spot atop sports betting handle in June with more than $322 million. That represents the largest amount bet in Nevada in any June in history.

Buoyed by baseball, Nevada sports betting pushed back in front of New Jersey after the Garden State‘s first-ever monthly advantage in May.

Nevada sportsbooks held nearly $16.6 million last month, good for a 5.15% win. That actually fell from June last year, when Nevada won $20.2 million.

NJ sports betting came in a fairly distant second with $273 million in handle and $9.7 million in revenue, or about 3.6% win.

No events, but Nevada sports betting back on top

Nevada's performance in June outpaces historical numbers for the slower summer month. This year contains the first full June for New Jersey sports betting, so its baseline is far from established.

Early post-PASPA wisdom indicated Nevada sports betting surged with major events that attract visitors to Las Vegas. That certainly held true with a record-shattering March Madness, as well as stronger numbers than New Jersey on the Super Bowl.

This June appears to challenge that thinly formed axiom. June boasts no significant single dates on the US sports betting calendar. It also features the scorching 100-degree heat of Las Vegas that slows overall visitation.

It would be folly, of course, to read too much into one month in a young market. Nevada's record month provides some evidence worth tracking though.

Nevada by the numbers

Action on the diamond drove the hot month for Nevada sports betting, as is normal for June. Baseball accounted for nearly two out of every three wagers placed in June.

Nevada sportsbooks took more than $208 million in baseball bets last month and held $11.6 million. The win of 5.5% tracks with Nevada's historical hold on all sports.

June's NBA Finals produced respectable handle but very little revenue, thanks to the Toronto Raptors‘ upset victory against the Golden State Warriors. Bettors put up more than $51 million on basketball but books kept only $946,000, or 1.8%, of wagers.

Last year, the seemingly inevitable Warriors win over LeBron James and the Cleveland Cavaliers drove handle down to $32 million. That led to only $600,000 in revenue on basketball betting for the month.

Other notable stats from the June revenue report on sports betting in Nevada:

• Parlays again looked soft with less than $120,000 wagered, although books kept better than 53%.
• Other sports including hockey, golf, and tennis accounted for more than $60 million in handle and $4.6 million of win.

 

The post Guess Who's Back? Nevada Sports Betting Again On Top After Record June Handle appeared first on Legal Sports Report.

Original source: https://www.legalsportsreport.com/34787/nevada-sports-betting-revenue-june-2019/

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