Nevada Rides Good Hold Rate to Sports Betting Revenue Spikes for January

Nevada sports betting activity slowed in January, but that didn't prevent the state's best sports betting sites from having a strong month. 

Though the overall Nevada sports betting handle was down, revenues showed a 28.4% year-over-year improvement. January was the fourth-best sports wagering revenue month in 68 months of operation in the state.

A high win rate helped the best sports betting apps in Nevada to impressive revenue totals for the first month of 2024. Football bets boasted a 10.9% win rate and $38 million in revenue for state providers in January, the best numbers of the season. Retail sports betting fared well against users of Nevada sportsbook promos, as well, and had a 12.6% win rate.

$782.9-million January handle

Overall activity at the best sportsbooks in Nevada in January was slightly disappointing, as $782.9 million represents a 16.4% year-over-year decline in accepted wagers. Betting was also down 7.2% month-over-month from $844 million in December.

The sites with the best sportsbook promos in Nevada were responsible for about 65% of the overall sports wagering activity in January. The Nevada mobile handle, like the overall sports betting activity, was down, but just 12.5% year-over-year.

Revenues tell the story

The overall win rate for the best live betting sites in Nevada was 8.7%, the highest since October 2023.

A sports betting revenue total of $64.7 million for January was reported by the Nevada Gaming Control Board. That's a 28% year-over-year increase from January 2023's $50.44 million.

Roughly $64.7 million is also a 9.5% month-over-month increase from December when the state had a far better sports betting handle.

Meanwhile, $4.4 million in tax revenue was generated for Silver State tax coffers off of the very good revenue haul. Nevada is now just under $100,000 away from the milestone $150-million mark in terms of lifetime tax contributions from state sportsbooks.

Sports breakdown

The best NFL betting sites accounted for the most bets in January, and football was the biggest revenue generator. It accounted for $354.5 million in January wagers, which is a surprising 17.5% year-over-year drop from $429.9 million in January 2023.

However, a record $185 million came from those who bet on the Big Game at the best Super Bowl betting sites.

Thanks to some upsets in the NFL playoffs and the conclusion of the college football season, $38.5 million in revenues was generated from football wagering in Nevada, a 33.9% increase from January 2023.

The best NBA betting sites were also popular in January, with $317.5 million in accepted wagers in the Nevada market, although the hoops handle figures for the month was 19.1% lower than the same month last year. A 5.8% win rate led to $18.4 million in revenues for Nevada sportsbooks, which is 19.8% better year-over-year.

Other sports, which include tennis, boxing, MMA, and auto racing saw an uptick in year-over-year betting activity. They accounted for $69.3 million in January wagers, a 16.1% increase from January 2023, along with $5.7 million in revenue.