No Records For Nevada Sports Betting in November but Year-Over-Year Revenue Numbers Up

Nevada bucked the nationwide trend of significant November sports betting handle spikes, becoming one of the few U.S. jurisdictions that saw a dip in monthly sports betting activity year-over-year, including at some of our best sportsbooks.

Thursday's Nevada Gaming Control Board November report provided good, but not great, results for the Silver State. Most had hoped for a November handle record for Nevada sports betting, as was seen in New York with its second consecutive $2 billion month, New Jersey with its record $1.6 billion month, and in Pennsylvania, which saw its handle surpass $900 million for the first time in November.

Through the first 11 months of 2023, overall sports wagering activity in Nevada is down about 5.1%. The good news is that revenues for state sportsbooks over that period have increased year-over-year.

$921.1 million November handle

Silver State bettors spent $921.1 million with Nevada sports betting apps and the state's retail providers, some of whom took advantage of Nevada sportsbook promos. It is far from a record $1.1 billion-plus sports betting handle that many suggested could be coming to Nevada. 

November was the second-best handle month of 2023 for Nevada sportsbooks, behind January's $935.8 million and nearly $180 million off the record $1.1 billion handle reported in October 2021.

For the second straight November, Nevada sportsbooks had a year-over-year handle decline. November 2021 saw $1,086,010,454 in sports bets in the state, while November 2022 had about $929 million worth of wagers.

Nevada sports betting sites led the way but still lagged behind mobile providers in other states, frequently seeing about 90-plus % of their handles come from wagering apps. Nevada sports betting sites made up about 67.8% of the state's overall November handle, or about $624 million, with retail sports betting making a strong $296.6 million contribution.

Year-to-date, Nevada sportsbooks have taken in $7.4 billion, representing a 5.1% decrease from the first 11 months of 2022.

Revenues up year-over-year

Despite a slight dip in the year-over-year handle, Nevada sportsbooks enjoyed an 8.8% revenue jump. However, providers in the state couldn't touch the profits from September and October, when the win rate for sportsbooks spiked to 8.4% in October and 7.7% in September.

Sportsbook revenues for the state's sports betting providers came in at $40.1 million, thanks to a pedestrian 4.45% hold, which is in the typical range for the state's sports wagering providers. The national average win rate sits at about 7%. 

November 2022 provided Nevada sportsbooks with nearly $37.7 million in profits from a 4.1% hold.

So far, through 11 months of 2023, $422.3 million in revenues have been reported by Nevada sportsbooks, an 8% uptick from the same 11-month period last year.

State and local coffers received $2.8 million in tax contributions in November. It takes the year-to-date total to $28.5 million, $2.1 million more than through 11 months of 2022.