Nevada Experiences Year-Over-Year Increases in Sports Betting Handle and Revenues

It turns out that hosting the Super Bowl was indeed a good thing for Nevada sports betting apps and retail providers in February 2024, including many of our best sports betting sites.

Despite the Super Bowl itself not providing Silver State sportsbooks a huge betting revenue boon, the Nevada Gaming Control Board February report did identify year-over-year increases in both overall sports betting activity for the month and revenues for Nevada sports betting providers.

Obviously, because there was just one NFL game on the February schedule, month-over-month handles and revenues understandably dropped from January's totals, a trend that we've seen nationwide.

$712.3 million February handle

Our best sports betting apps in Nevada and its retail providers reported a total handle of $712.3 million for the 29-day February reporting period. Nevada's February handle represents an 8% year-over-year jump from the $659 million in accepted wagers from February 2023 but a 9.1% month-over-month drop from the $782.8 million reported in January.

Super Bowl betting on the Kansas City Chiefs’ 25-22 overtime win over the San Francisco 49ers at Allegiant Stadium set a record for Nevada sportsbooks, making up $185.6 million of the overall February handle.

Nevada sports betting apps made up 59.5% or $423.8 million of all accepted monthly wagers, while $23.8 million in revenue came from Nevada sports betting sites. Residents undoubtedly took advantage of Nevada sportsbook promos.

Thanks largely to being the Super Bowl host, brick-and-mortar casinos in Nevada contributed $288.4 million to the overall handle, up 12% year over year and 5% month over month, as $24 million in revenue came from retail sportsbooks in Nevada.

$47.9 million in Adjusted Gross Revenue

Nevada sportsbooks reported $47.9 million in adjusted gross revenues for February. While a 16.1% year-over-year improvement from the nearly $41.3 million from February 2023, earnings are a 27.1% month-over-month drop from $64.7 million in January.

The Super Bowl alone contributed $6.8 million in revenues, a $2.4 million improvement from last year. Super Bowl earnings could have been better if not for Nevada sportsbooks' ugly 3.7% hold rate on the game.

Overall, Nevada sports betting sites and retail providers held a combined 6.7%, up slightly from last February's 6.3%.

Nevada sports betting providers contributed $3.2 million in taxes in February, taking the year-to-date tax contribution total to $7.6 million. That's about $1.4 million ahead of last year's pace.

Basketball beats football

With the NFL season wrapping up, Nevada sportsbooks must be happy to see another sport picking up the pigskin slack. 

In February, basketball outshone football in terms of handle and revenue. Basketball was responsible for $388.1 million in February wagers in the Silver State and $24.7 million in revenue. Those numbers represent a welcomed month-over-month increase from $317.5 million in accepted basketball bets in January and $18.4 million in hoops revenue.

Despite being the biggest game on the schedule, football was second in terms of bet-on sports in Nevada in February. Pigskin produced a $190.7 million handle, which is a 24% year-over-year monthly spike, along with $12 million in revenue.

"Other" sports, which consist of MMA, golf, auto racing, tennis, soccer, and boxing, saw $89.6 million in bets and $7.7 million in revenues, with hockey, which had the best hold rate at 10.4%, had a $42 million February handle in the Silver State and $4.3 million in revenue.