Nevada October Sports Betting Reaches Record $659 Million
Nevada sports wagering hit a new high in October, helping U.S. sportsbooks move closer to what is likely to be $3 billion in handle, which would be a new high-water mark for legalized sports betting in America.
Gamblers wagered nearly $659.9 million with Nevada sportsbooks in October, up about 14.7% from September's $575.1 million and up about 21% from October 2019 ($543.92 million). The handle figure included both retail betting and online action. That previous monthly handle record for sports wagering in Nevada was $614.1 million in November 2019.
With Nevada's October 2020 total, the reported sports betting handle for the U.S. for the month has topped $2.5 billion and should easily surpass $3 billion for the first time as Colorado and Illinois still need to release their October sports wagering figures. Last month the two states combined for about $512 million in handle and most states in October have surpassed their September numbers.
New Jersey sportsbooks continue to lead the way, setting a new U.S. record for sports handle with $803 million in October, bettering their own mark from September.
Nevada’s exact October sports betting handle was $659,899,331 with mobile accounting for $376,842,105 — that was 57.1% of total handle. The October mobile handle was an increase of 19.5% from September ($315,472,779).
In Nevada, mobile sports betting handle has been slowed somewhat by the requirement that bettors actually go to a sportsbook to register for an account rather than being able to do accomplish the process online as in most states.
Nevada Sports Betting October vs. September
|Total handle||Mobile handle||Revenue|
|Change||Up 14.7%||Up 19.5%||Up 28.9%|
Sports Betting Revenue Up, Too
Other key Nevada numbers from the October report:
October sports betting revenue was $42,388,000, up 28.9% from September ($32,895,000) but down 11.5% from October 2019 ($47,886,000). The October 2020 hold was about 6.4%.
Not surprisingly the top sport bet in October was football, both NFL and college ($441,123,139). Other categories were: Basketball ($37,058,824), baseball ($110,683,761), parlay cards ($9,681,624), hockey ($508,610), and “other” ($60,843,373).
Overall, the industry in Nevada saw a 19.5% decline year-over-year in gaming win in October compared to a year earlier, with the decrease obviously due to the impact of the COVID-19 pandemic.
The October gaming win was $822.67 million, down from $1.02 billion in October 2019. Although Nevada casinos are mostly open, they have been operating with state-mandated restrictions regarding patron capacity, social distancing and amenities, such as restaurants, bars and entertainment.
Las Vegas Strip Hit Hard
The tourist-dependent Las Vegas Strip was hardest hit with a 30.22% decrease in gaming win in October 2020 compared to October 2019. The Strip saw gaming win of $375.76 million this October compared to $538.53 million in the same month a year ago.
Downtown Las Vegas did a little better, suffering a decrease of 22.68%; $52.82 million this October compared to $68.32 million last October. Contrary to Las Vegas’ experience, many portions of the state that rely on local patronage actually saw increases in gaming win. For instance, Reno saw a gaming win increase of about 6% with $56.4 million this October compared to $53.2 million in October 2019.
But Nevada Gov. Gov. Steve Sisolak tightened restrictions on casinos, restaurants and private gatherings such as Thanksgiving dinner this week to slow the spread of the coronavirus. The new restrictions went into effect on Tuesday as the state has seen new records for the number of cases, deaths and infection rates in November.
While most businesses have operated at 50% since summer, the new restrictions reduce capacity to 25% or 50 people, whichever is less, according to the Associated Press.
Nevada vs. New Jersey
|October 2020 Handle||$659.899M||$803.096M||NJ by $143.2M|
|September 2020 Handle||$575.144M||$748.588M||NJ by $173.4M|
|August 2020 Handle||$474.948M||$667.979M||NJ by $193.0M|
|July 2020 Handle||$163.552M||$315.119M||NJ by $151.6M|
|June 2020 Handle||$78.152M||$165.015M||NJ by $86.9M|
|March 2020 Handle||$141.108M||$181.909M||NJ by $40.8M|
|February 2020 Handle||$491.706M||$494.814M||NJ by $3.1M|
|January 2020 Handle||$502.279M||$540.113M||NJ by $37.8M|
|December 2019 Handle||$571.088M||$557.786M||NV by $13.3M|
|November 2019 Handle||$614.071M||$562.676M||NV by $51.4M|
October U.S. Handle Could Top $3 Billion
New Jersey and Nevada weren’t the only states with record handles in October. Here are some of the other top states, keeping in mind that Colorado and Illinois still need to post October figures:
Pennsylvania easily set a state record for total sports handle in October with more than $525 million, a 13.6% increase over the previous record of $462.8 million in September. Iowa posted $81.9 million in October handle, up 13.1% from September’s $72.4 million. Mississippi, Oregon and New Hampshire also set state records for total sports handle in October.
Iowa posted $81.9 million in October handle, up 13.1% from September’s $72.4 million.
Mississippi, Oregon and New Hampshire also set state records for total sports handle in October.
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