Nevada’s April Gambling Revenue Shows Mixed Results
In April 2024, Nevada’s sports betting handle reached $569.2 million, showing a slight decrease of 4.8% from the same month last year.
This decline was more pronounced compared to March 2024, with the handle dropping by 27.5%, a decrease influenced by the high volume of bets placed during the NCAA Tournament in March.
Rise of Mobile Betting
Mobile sports betting has gained traction, with 68.5% of all bets in April placed through apps, the highest percentage since August last year. This indicates a strong shift towards digital platforms among bettors in Nevada.
Sports betting operators in Nevada reported $30.8 million in revenue for April, translating to a 5.4% hold rate. While this revenue was 5% lower than April 2023, it showed a 3.5% increase from March 2023, thanks to a higher win rate.
From January to April 2024, the total sports betting handle was $2.85 billion, down 5.8% from the same period in 2022. Despite this decrease, the revenue saw a 3.1% rise due to strong earnings in the first two months of the year.
The state collected $2.1 million in taxes in April, contributing to a year-to-date total of $11.7 million, which is ahead of last year’s pace by $352,600.
Retail Betting Performance
Retail betting also saw a downturn, with the handle at $179.2 million, an 11.7% year-over-year decrease. Revenue from retail betting dropped significantly to $6.3 million, less than half of what was recorded in April 2023.
The hold rate for retail betting was 3.5%, falling short of 4% for the second consecutive month, a rare occurrence outside pandemic-related disruptions.
In 2024, the overall hold rate for sports betting stands at 6.7%, with total revenue from retail betting reaching $68.8 million. This amount accounts for less than 40% of the total winnings so far this year, compared to the historical average of 52.5%.
Recommended