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The Nevada Gaming Control Board reported a sports wagering handle of more than $921.5 million for October on Tuesday, a top-five all-time figure. But one that was sharply lower compared to last year. In 2021, the Silver State posted its first $1 billion monthly handle and joined New Jersey in a then-exclusive club. New York since joined the pair following its launch of mobile wagering in January. Still, Nevada has not returned to that rarified air since its all-time record of $1.11 billion wagered in January.
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This October’s handle was down 16.3% compared to last year, which is a like-for-like comparison since both months had five weekends for college and pro football wagering available. It is possible the dip can be attributed to challenging economic conditions related to inflation, though this year’s handle was still a 21.1% improvement on September’s $761.1 million figure.
It was a solid month for operators, who claimed close to $56.9 million in revenue. That total ranked fourth all-time in the post-PASPA era for Nevada and marked the first time the state has recorded back-to-back months with at least $50 million in sports wagering revenue. The October revenue was 19.5% lower versus the $70.6 million in September, which was the second-highest total in state history. The 6.2% hold was more than three full percentage points lower than in September, and the second-highest recorded this year.
The state collected $3.8 million in tax receipts for October, lifting the year-to-date total to $23.8 million. Despite a 13.9% increase in the handle through the first ten months of 2022 compared to 2021, revenue has dipped 1.1% to $353.2 million.
Nearly two-thirds of the handle — $607.4 million — was wagered on pro and college football, with operators posting a 5.5% win rate to collect $33.3 million in revenue. The October hold was barely more than half that of September when the house won at a 10.7% clip to claim $51.7 million in winnings. Baseball and basketball were the other main sources of operator revenue. They collected $7.8 million in winnings from baseball wagers, posting a 6.8% hold on the $114.7 million handle. The $6.3 million in basketball revenue came from $79.2 million worth of bets that resulted in a 7.9% win rate.
The catch-all “other” category, which includes golf and soccer in Nevada, contributed $4.7 million in revenue from $72.7 million wagered. Those who tried their luck on parlays had little of it — the 38.5% hold on $10.1 million wagered meant the house kept close to $3.9 million of those bets.
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