Nevada Sports Betting Breaks Another Record As US Handle Nears $1 Billion In November

With a record haul from Nevada sports betting leading the way, the national sports wagering handle in November closed in on $1 billion.

Nevada sportsbooks took $592 million in sports wagers in November, besting a single-month record of $571 million set two months ago. That translated to more than $27 million in sports betting revenue on 4.67 percent hold, close to state historical average.

The confluence of NFL and college football with NBA and college basketball usually creates a strong November for Nevada. This, however, could speak to a coattail effect for the Silver State from the national rise of legal sports betting.

Cue the Dr. Evil voice: ‘1 billion dollars'

Six short months ago, Nevada stood alone in the US legal sports betting landscape. That is far from the case today as 2018 draws to a close.

Drop the $592 million from Nevada sports betting in November into the larger picture and what forms is a portrait of a burgeoning industry:

• Nevada: $592 million
• New Jersey: $330 million
• Mississippi: $45 million
• Delaware: $16 million
• West Virginia: $12 million
• Pennsylvania: $1.4 million (two weeks)

Combined, these handle figures add up to just less than $1 billion for last month. (They do not include New Mexico and a likely small amount from the first few days of Rhode Island sports betting.)

Breaking down Nevada sports betting numbers

First, a look at where Nevada bettors put up their money in November:

That 63.3 percent equates to more than $374 million wagered on football in Nevada last month. Books held more than $18 million of that total, rebounding nicely from October's football bloodbath.

Basketball betting moved into full swing in November and Nevada sports betting benefitted greatly. Sportsbooks held better than 7 percent of the more than $152 million wagered. That led to nearly $11 million in revenue for Silver State casinos.

Baseball futures came calling in November after the Boston Red Sox completed a World Series title run as a strong favorite. The Sox victory created a nearly $6 million loss in futures winnings for the books.

The post Nevada Sports Betting Breaks Another Record As US Handle Nears $1 Billion In November appeared first on Legal Sports Report.

Original source: https://www.legalsportsreport.com/27151/nevada-sports-betting-november-2018-revenue/

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