Bookie News: Nevada Numbers are Strong, But Still Second to New Jersey
February’s sports betting numbers are out, and Nevada numbers are strong. Nevada and New Jersey compete for the top spot in betting handle. Nevada sportsbooks have a total sports betting handle of $491.7 million for February 2020. They are second to New Jersey, which has $494.8 million. This is the second month in a row that New Jersey is the leading market for sports betting. If anything, this is a good answer to the question “Is being a bookie profitable?”.
Nevada Numbers are Strong, For Now
These two states seem to just be taking turns in topping the sports betting market in the US. But more than that, their numbers also a year-on-year growth for both handle and gross revenue. For example, let’s take a look at Nevada’s numbers from February 2019 and February 2020. February 2019 is $458.5 million, which grows by 7.24% to this year’s $491.7 million. Nevada’s gross revenue for February 2019 is $35.8 million, with a 6.28% increase to February 2020’s $38.06 million.
If you are wondering how much do bookies make, it hugely depends on the betting market available to sportsbooks. Nevada has the oldest gambling market in the US, while New Jersey’s Atlantic city is experiencing a huge growth in numbers, thanks mostly to sports betting. Looking at the whole industry, gaming revenue is high as well. The total gaming revenue for Nevada for February is $1.043 billion. This shows us a .5% increase from January’s numbers.
However, online sports betting in the state seems weak, compared to rival New Jersey. The total online handle for Nevada is only $218.7 million, which is 44% of the total action. But its not for lack of demand, really. Most experts are pointing to the state’s online betting requirements as a big problem. Nevada residents will still need to register at a physical or retail sportsbook before they can place their wagers online. The numbers are bad, compared to New Jersey, where online wagering handle takes an 85% share of the total handle.