Nevada Still the King of Sports Betting
December 02, 2019
Nevada has long been known as the crown jewel of the USA’s sports betting and gambling scene. The state rose to stardom in the 1950s and 60s thanks to its swanky casinos and bustling sports bars, and not much has changed over the past few decades. The state posted a strong month in terms of sports wagering handle last month, outpacing New Jersey – a newcomer to the industry in comparison.
According to the latest report published by the Nevada Gaming Control Board, sportsbooks in the Silver State raked in $543.9 million in total betting handle during the month of October. In comparison, the regulator of New Jersey posted total handle of $487.9 million for the month in review. These figures may be close, but with an advantage of over $56 million, Nevada is still comfortably sitting in the top spot in the ranks.
NJ and NV Neck and Neck
Nevada’s total handle topped the state’s income for October 2018 by 2.9%. Additionally, revenue for the state’s many sportsbooks – which include in excess of 100 different choices for local bettors – hit $47.9 million for October this year. This represents a massive increase of 62.1% over the figures reported in the same month of the previous year.
In a nutshell, Nevada’s impressive month was driven primarily by a strong interest from punters in the baseball and football sectors. October was the second complete month of the NFL and college football seasons, along with the denouement of the most recent MLB season. There was additionally a 7-game World Series match-up between the ultimate winners (the Washington Nationals) and the iconic Houston Astros.
After New Jersey bested Nevada in terms of sports betting handle for 3 out of 4 months in summer, some experts wondered whether or not the gambling-famous state’s reputation as America’s betting capital had fizzled out. The US Supreme Court’s decision in May last year to lift the long time federal ban on sports betting had prevented states aside from Nevada in claiming their share of the market. However, now that these states are free to offer such services, the Silver State is being given a run for its money.
Football is 2019’s Best Market
Beginning in May of 2019, around 10 months after New Jersey launched its legal and regulated sports betting services in the newly legitimised market, the Garden State beat Nevada’s handle in May, July, and then again in August by many millions of dollars each time. Nevada’s handle beat that of New Jersey in June, with the local regulator posting $322 million as opposed to $273 million.
However, when the 2019 football season kicked off in September, Nevada began to reclaim its hold on the leading position against NJ. October’s positive results for Nevada came on September’s heels, when the state’s handle far outstripped New Jersey’s at $538.2 million versus $445.6 million.
As per usual, football was the most popular sports betting market by far this October. Bookies in Nevada reported $355.6 million in football wagers last month, outstripping baseball at $82.98m, basketball at $36.11m, and all other major sports combined at $58.41m. Parlay ticket sales constituted the other $10.74m in handle.
Nevada is now facing down the final 2 months of 2019 with a notable winning advantage against New Jersey. Furthermore, it seems that legal sports wagering industries in other US states haven’t made much of an impact on Nevada’s operations. Perhaps America’s most legendary gambling state won’t lose its reputation as the nation’s betting leader after all… but with so many other states cashing in on the popularity of regulated betting, things could take a turn in the future as well.