Nevada Still King Of The Hill For Sports Betting

Las Vegas nevada

While more and more states legalize sports gaming, Nevada is still king of the hill, taking in the highest sports betting handle in 2019. However, that may change in the not-too-distant future.

In its first full year of legal sports betting, New Jersey was not far behind Nevada. On top of that, Nevada may not be the top dog much longer when other populous states such as New York, California, and Texas totally legalize sports betting.

The Nevada Numbers

For the 10th straight year, Nevada saw its handle for sports betting increase. In 2019, the total handle for sports betting was $5.3 million, and that is an increase of 6.2 percent from 2018.

According to historical figures from the University of Nevada-Las Vegas, the 2019 handle was the second where the figure eclipsed $5 billion.

There was also a total revenue record that was set in Nevada in 2019 to the tune of $329.1 million, which is an increase of 9.3 percent from the previous year.

That figure has an implied hold number of 6.2 percent, which is the highest hold since 2017. The December sports betting handle for the Silver State was $571.1 million, with a revenue figure of $36.3 million and an implied hold total of 6.4 percent.

The Sports

With the exception of parlays, the handle for every sport category increased in 2019 from the previous year, and the hold increased as well, with the exception of basketball. For only the second time in the last decade, Super Bowl betting decreased from the previous year.

The football handle was $1,9 billion last year, followed by basketball ($1.7 billion), baseball ($1.1 billion), and all other sports ($594.8 million). The handle for parlays in Nevada in 2019 was $50.1 million.

Other States May Close In

Will 2019 be the last year that Nevada rules the roost when it comes to sports betting handle? New Jersey had a handle of $4.6 billion last year, and that was just in the first full year of legal sports betting in the Garden State.

As stated before, with more states legalizing sports betting, Nevada may not be the king much longer. Just think of the sports betting handle for California, especially if it has online and mobile wagering.

Last year, 83.7 percent of the New Jersey sports betting handle came from wagers made online. As it stands currently, Nevada does not have an official figure when it comes to online gambling.

However, Michael Lawton, who is the Gaming Control Board Senior Research Analyst, made the assumption that online gambling increased last year from an estimated 48 percent of wagers made online in 2018.

Nevada Will Finally Share Mobile Information

It looks as if Nevada will begin to match other states in reporting what their share is for mobile wagering. Nevada has had legal online sports betting since 2010, but the state regulator has not shown what the mobile share is for sports bets made in the state.

Lawton made the confirmation that Nevada will start to show what its mobile betting share is per month.

Nevada is hampered in its mobile betting since you need to register in person at a land-based casino as well as dealing with requirements for funding an online account.

Matt Kalish is the president of DraftKings, and he stated that the main reason they do not have a sports betting application in Nevada is the in-person registration issue.