Nevada Sportsbooks Continue Summer Slide But Improve on 2023

A difficult year continues for the betting capital of the United States.

June has traditionally proven to be a rough month for Nevada sports betting apps and the state’s retail providers. June 2024 was no different according to the Nevada Gaming Control Board June report, as both handle and revenues slipped from May’s totals and overall wagering activity slipped month-over-month for the fourth straight time.

Despite the expected month-over-month dips in handle and revenues, June 2024 was a better month overall for Nevada legal sports betting providers compared to June 2023.

$481.6 million in June handle

Nevada’s best sportsbooks took in a total of $481.6 million in June, $316.6 million of which came from Nevada sports betting apps.

June 2024’s sports wagering totals eclipsed June 2023's by just over $1.6 million, or 0.3 percent. But they also represent a 6.6% month-over-month decrease from the nearly $515.3 million from May. It is also the first time since August that Silver State sportsbooks have combined for under $500 million in a given month.

Nevada sportsbooks have taken in a total of just over $3.8 billion through the first six months of 2024, which is a surprising and somewhat troubling 4.6% year-over-year drop from the first six months of 2023.

Mixed revenue figures

Revenues for Nevada sportsbooks dropped month-over-month as expected but dramatically spiked year-over-year, mostly thanks to the fact that Vegas did not win the Stanley Cup this year – legions of Golden Knights fans weren't cashing in on futures bets and other wagers.

The hold rate for Nevada sportsbooks in June 2024 came in at 6.2%, well ahead of last June's miserable 2% rate.

That fueled a 214% spike in year-over-year revenues, from $9.5 million in Jun 2023 to $29.8 million this year. That figure, just like the June handle total, is a month-over-month decline of 17.3% from just over $36 million in May.

Nevada sports betting sites were responsible for $16.8 million of the overall June revenue haul.

A better June certainly helped the Nevada sportsbook year-to-date revenues climb 15% from the first six month total from 2023.

Nevada sports betting providers paid out $2 million in taxes off of June’s adjusted revenue totals. June’s totals brought the year-to-date tax totals to $16.1 million, a $2 million improvement from contribution totals from the first six months of last year.

Boys of summer carry Nevada

Baseball was by far the most productive market for Nevada’s best sportsbooks despite the Silver State having no MLB team.

Baseball was responsible for $259.5 million of the state’s overall $481.6 million June handle. $10.8 million in revenues resulted from an underwhelming 4.2% hold.

Basketball was the next most popular sport to bet on for Nevada sports betting apps and retail outlets in June. $70.2 million was wagered on hoops during the month with $8.6 million in revenue being generated off of a 12.3% hold. For comparison’s sake, state providers paid out $328K on basketball bets in June 2023.

Hockey betting was another reason for the over 200% year-over-year increase in monthly revenues for Nevada sportsbooks. Nearly $4 million in revenue was generated from hockey bets during the month from a $25.8 million handle, thanks to a 15% hold rate.

Contrast that with a $6.6 million loss on hockey wagering in June 2023, when Nevada bettors took full advantage of the Golden Knights’ Stanley Cup win.

Sportsbooks in the state were still feeling the effects of a miserable Super Bowl wagering period in June. Nevada sportsbooks paid out just over $2 million from $2.5 million in football futures bets.