Nevada is not spared from the summer slowdown in sports betting. The Silver State reports the fifth straight month of decreasing betting handle. Not only that, but July’s numbers are low enough to dip below $400 million. A circumstance not seen since 2020. Let us take a closer look at the numbers for sports betting in Nevada this July.
When you are learning how to be a bookie, you will need to keep an eye on these trends. Especially with the larger markets like Nevada. The behavior of the market can help you predict what can happen to your sportsbook. And by knowing this, you can prepare and come up with ways to mitigate a slower month or boost a growing trend.
Sports Betting in Nevada: Numbers for July
According to the Nevada Gaming Control Board (NGCB), the total monthly handle for sports betting in July is at $375.9 million. This is 7.9% lower than the same month last year. It is also a whopping 21.9% lower than June’s. The hold percentage for the month is at 6.9%. And with a hold this low, its natural to expect a decline in revenue as well. The $25.8 million revenue for the month is 2% higher than the same month last year. But it is lower than June’s $29.8 million.
Bettors still prefer to place wagers through sports betting websites rather than retail sportsbooks. The handle for online sports betting in Nevada is $254.1 million. The win rate is at 7.5%, which gives online sportsbooks $19.1 million in revenue. Meanwhile, retail sportsbooks recorded $121.8 million in wagers, and earned $6.7 million in revenue.
Where Nevada Bettors Put Their Money On
Another thing to track as a bookie is where players are betting. By knowing which sport is more popular, you will know which sport or league to prioritize in line management. It can also help you determine how to promote a specific sport or league to generate better results from your players.
For bettors in Nevada, baseball was the main moneymaker. In fact, baseball bets were at an all-time high win rate of 9% on a $213.7 million handle. That gives us $19.1 million in revenues from baseball betting. That brings up the revenue for baseball betting in the state at $50 million, year-to-date.
The Olympics was a popular event to bet on, boosting the “other sports” category in the report to $124.1 million in wagers. With a 6.9% win rate, revenue is $8.6 million. Basketball comes in third with a $36.5 million. However, Nevada residents seem to know their basketball bets well, leaving sportsbooks with a loss of $168,000 from basketball betting. Meanwhile, football is seeing some early action with $1.7 million wagered. If you will use a white label sportsbook service, you will not need to worry too much about managing all of these events. Remember that the software will have betting odds for all these events, and more, easily available.
Enjoy the Best Bookie Software from Price Per Player. Claim Your Free Trial Here!
You must be logged in to post a comment.