Nevada Sports Betting Handle Tumbles To $553.8M For February
Nevada did not escape the nationwide dip that takes place in the sports betting market that comes with the shorter month of February, as the state’s Gaming Control Board reported a handle of more than $553.8 million on Thursday.
After a record-setting January across the U.S. in which the Silver State contributed nearly $647 million of the $4.36 billion wagered, February’s handle was a 14.4% decline from January and the lowest since the full sports schedule returned following the COVID-19 pandemic in September. On the flip side, it was still a 12.6% increase in handle compared to February 2020 — the last full month before COVID shuttered most of the nation and sports wagering options.
The win rate of 5.75% also contributed to a decline in revenue for February, which totaled $31,846,000. It was 39.2% lower than the nearly $52.4 million reported in January that was the third-highest total recorded in the post-PASPA era dating to July 2018. With the hold nearly 2 full percentage points lower compared to February of last year, revenue dipped 16.3% versus 2020.
The Super Bowl accounted for nearly 25% of the handle reported by sportsbook operators.
A mobile milestone
The mobile handle of $316.3 million accounted for more than 57% of the overall amount, enabling the state to clear the $3 billion mark since the Nevada Gaming Control Board began reporting that figure in January 2020. Mobile wagering has accounted for nearly 56.6% of the handle since that breakout has been provided, but the $3.1 billion reported is less than half of New Jersey‘s total ($7.1 billion) in that span.
February’s mobile handle also lagged significantly behind Pennsylvania ($469.7 million) for the month while edging out Michigan‘s $301.9 million in its first full month with mobile sports wagering available.
Bettors also fared significantly better wagering online, as the win rate was just 3.23% and generated slightly more than $10.2 million in operator revenue. The retail sportsbooks posted a 9.11% win rate while generating more than $21.6 million in revenue.
Super Bowl revenue provides cushion
Slightly more than half of the $12.6 million operators generated with Tampa Bay’s Super Bowl victory over Kansas City went back to bettors elsewhere in the sport, as sportsbooks finished slightly less than $6.3 million ahead in wagers on football. Basketball provided the bulk of operator revenue in February with more than $19.2 million on nearly $326 million wagered.
The catch-all “other” category, which includes boxing and MMA among other sports, provided nearly $4.1 million in revenue. It was a rare off-month for the books when it came to parlays, as only $112,000 in revenue was generated on slightly more than $1 million wagered, a win rate of 11.17%.
Parlay bets, though, are nowhere near as popular in Nevada as in the rest of the nation. For example, bettors in New Jersey have wagered nearly $300 million on parlays in the first two months of the year.
Is March when New Jersey will pass Nevada in post-PASPA handle?
Speaking of the Garden State, the $189.1 million gap in handle in February reduced Nevada’s overall lead between the two states in the post-PASPA era handle to $275.3 million. Both states will surpass $14 billion next month thanks in part to March Madness, but given New Jersey has already outperformed Nevada by $501.1 million in bets placed to start 2021, those respective reports could result in a flip of the top two spots for all-time handle during the nearly three years since sports wagering expanded on a state-by-state basis.
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