On Friday, the Nevada Gaming Control Board published the state’s gambling revenue report for the month ended August.
According to the report, bettors in the Silver State wagered a total of $287.8 million on sports during the month, a 16.2% increase from August last year.
The revenue posted by regulated sportsbooks during the period was $18.7 million, up from $12.6 million in August 2018. The operators’ winnings translate to a 6.51% hold, which is slightly above the average win percentage of 6.03% registered by the books over the past year.
However, the strong numbers were not good enough for Nevada.
For the third time this year, the Silver State missed the top spot in the US sports betting space, losing the crown to New Jersey. NJ sportsbooks registered a $293.6 million handle in August. The Garden State came out on top in July as well after reporting a $251 million handle compared to Nevada’s $236 million.
New Jersey made history when it became the first state to beat Nevada’s handle in May. During the month, NJ operators booked $317.9 million in wagers, compared to Nevada’s $317.3 million. In June however, New Jersey ceded the top spot to Nevada after posting a $317.3 million handle. Nevada’s total handle for that month was $322.5 million.
A head-to-head comparison of the regulated wagering industry in both states over the past four months, however, reveals that $1.136 billion was wagered in Nevada, compared to $1.163 billion in NJ. These figures place Nevada ahead of New Jersey by a slight margin of $25 million.
Baseball leads in Nevada sports betting
In the revenue report, the Nevada Gaming Control Board goes on to give a breakdown of the numbers.
The most popular sports market for Nevada bettors was baseball, which registered close to $179 million in handle. From this, operators won about $6.7 million, translating to a hold of 3.74%.
Football, on the other hand, posted $72 million in handle and $12.656 million in revenue. These figures indicate that operators retained 17.5% of the total money wagered on football events during the month.
Parlay betting was the most profitable market for sportsbook operators given that they won $510,000 of the total $718,614 wagered. The operators’ hold percentage from parlay bets was a massive 70.97%.
However, the books were not so lucky when it came to basketball betting. According to the report, a total of $5.607 million was wagered on the sport, but operators incurred a loss of $868,000 after paying out the winning bets.
Nevada’s overall gaming revenue declines in August
For the first time since April, Nevada casinos generated less than $1 billion in revenue after posting $952.4 million in August. This revenue came from a total of $11.78 billion in wagers.
Slot machines brought in the highest revenue at $615.5 million on $9.56 billion worth of wagers. Penny or one cent slots posted the highest numbers in slot revenue at $272.8 million.
The combined income from table, counter, and card games was slightly above $335 million. Baccarat and twenty-one posted the highest revenue among table games.