Nevada Sees a Drop in Both Sports Betting Handle and Sports Betting Revenue in the Month of April
In April, the United States as a whole saw a dip in the amount of sports betting taking place nationwide. This is due to the slow sports calendar with the transition of sports seasons. Nevada was no exception when it came to seeing a drop in sports betting activity.
In April, Nevada took in $582.5 million in sports betting handle. This represents a drop of 32.5 percent from the previous month, which is almost one third. However, this kind of drop is expected to follow March Madness, as that is one of the biggest sports betting seasons of the year.
The sports betting market is still thriving in the state despite this drop, as the handle has grown 28.1 percent year-over-year at this time. But this is also the first time sportsbooks in Nevada have reported a sports betting handle intake under $700 million since August 2021. This is with Nevada being one of the most robust sports betting markets in the country.
The sports betting revenue in Nevada was also down for the month of April. The average hold for sportsbooks was stronger for the month, up to 4.35 percent from 4.28 percent the previous month. But the sportsbook revenue was down 31.1 percent from the previous month, a similar drop to the sports betting handle of almost a third.
In January 2022, the state saw the highest hold of the year at 4.51 percent. So, unfortunately, the state has seen a somewhat rocky start to sports betting this year. The sportsbooks in the state have held just 4.29 percent during the course of the year’s first four months.
This is down compared to Nevada’s average hold of 5.69 percent since June 2018. The average hold for the same period in the United States as a whole is 7 percent.
Basketball betting gave sports betting a big boost in March, not just for March Madness but also for continued betting on NBA games during the regular season. So, it is important to look at the different changes in sports seasons when looking at the numbers changing from month to month.
As the seasons transition and new major sporting events come up, it is expected that sports betting will pick up once again.
Written by Allie Nelson, our US Sports Betting Industry Expert.
The featured image for this post was sourced on Getty Images.
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