Nevada Sportsbooks See Nearly Double Month-Over-Month Handle Gains

Nevada's sportsbooks are reporting nearly doubled handle gains in September.

James Bisson

Last updated: November 1, 2023 11:43 AM EDT • 3 min read

The return of the NFL hasn't been so kind to the Las Vegas Raiders, but it has been a boon for Nevada sports betting apps, the state’s retail providers, and some of our best sports betting apps.

The September sports wagering activity in the Silver State landed just outside the top 10 all-time and was the best monthly haul since March. Revenues for Nevada sports betting were the third-best ever for the "Grand Daddy of Gambling States."

$811.2 million handle reported

The return of pro and college football led to an $811.2 million combined retail and mobile handle for the Silver State. That number nearly doubles the almost $431.6 million handle from August and is about 6.6% higher than the $761.1 million in bets taken in during September 2022.

Football alone accounted for $510 million in bets for the month, almost 63% of the overall handle, and is nearly $80 million more than all sports combined produced during August.

Mobile sports betting in Nevada, while still lagging behind other top-tier states percentage-wise, made up 66.4% of the overall handle, or about $538.8 million. Online handle is up 9.6% year-over-year.

With September's numbers added in, Nevada became the second state to eclipse the $35 billion handle mark in the post-PASPA era. New Jersey was the first.

Adjusted gross revenue third highest ever

Like Nevada's September sports betting handle, revenues for the state's best mobile providers and retail sportsbooks showed dramatic month-over-month increases. As mentioned, adjusted gross revenues for September checked in as the third highest ever for the Nevada legal sports betting scene.

Nevada's best sportsbooks raked in $62.3 million in adjusted gross revenues in September, an eye-opening 244% month-over-month increase from August. However, revenues dropped 11.8% year-over-year.

Retail sports betting provided $33.3 million in revenue for the Nevada legal sports betting scene. This is thanks mainly to the 12.4% hold for retail providers in the state.

$4.2 million in taxes was collected from Nevada sportsbooks in September for state and local coffers.

Win rate was a win for Nevada books

Perhaps the biggest story out of Nevada's September sports betting report was the win/hold rate. Nevada sports betting apps and retail providers combined for a nearly 7.7% hold, by far the highest win rate for the Nevada sports betting industry ever. It was also the first time in the last year that the win rate for Nevada sportsbooks eclipsed the 7% barrier.

By comparison, August saw a Nevada sportsbook win rate of 4.2%, and the previous record for the Silver State was a 6.3% hold, which came in February.

Mixed results for year-to-date numbers

With three-quarters of 2023 in the books, Nevada sportsbooks are now reflecting on how this year has compared to 2022. The results are mixed.

The year-to-date 2023 handle, with September's numbers added in, sits at just under $5.7 billion. That number is a somewhat surprising 4.8% dip from the same period last year.

Revenues for the first nine months of 2023 sit at $131.2 million, which is a 5.7% increase from the same period last year. $4.2 million in taxes has been collected so far this year for Nevada state and local coffers.

Written By:
James Bisson

James Bisson is the Editor-in-Chief of Sportsbook Review. He has been a writer, reporter and editor for more than 20 years, including a nine-year stint with The Canadian Press and more than five years at theScore. He has covered dozens of marquee events including the 2010 Winter Olympics, the 2006 Stanley Cup final and Wrestlemania 23, and his work has appeared in more than 200 publications, including the Los Angeles Times, the Guardian, Yahoo! Sports, the Toronto Star and The Globe and Mail. His book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008 and earned him appearances on CBC Radio and Canada AM. He has written more than 50 sportsbook reviews, more than 200 industry news articles and dozens of other sportsbook-related content articles. A graduate of the broadcast journalism program at Ryerson University (now Toronto Metropolitan University), James has been an avid bettor since the early 2000s, and cites bet365 as his favorite sports betting site due to its superior functionality and quick payouts. His favorite piece of sports betting advice: "Stay in your lane. You're much more likely to have success betting sports you know, and focusing on finding angles and edges there."