Nevada Sports Betting Revenue Down Big In April

• Nevada sports betting handle was reported down 29.1% in April from the month of March.
• The mass influx of March Madness betting combined with a thin sports schedule in April is likely to blame for the new figures.

LAS VEGAS – The Nevada gambling industry reported its first down month since last year in the month of April.

After continuous growth for months, the Nevada Gaming Control Board released their official report detailing a 29.1% loss in total betting handle across Nevada in April.

The total betting handle in Nevada for April was $454.7 million. In March, betting in Nevada reached a total of $641 million in bets placed.

While a drop of that magnitude could be cause for alarm, the true reason could be easily discovered.

March Madness betting was a huge factor in the total betting handle for the month of March. Nearly 80% of the total bets placed in March came from college basketball.

The return of the tournament clearly had bettors excited after the NCAA basketball tournament was canceled in 2020.

This influx of betting led to a natural letdown in April due to the lack of major sporting events.

The NBA season had not yet entered the playoffs, and the MLB season is just beginning in April. Additionally, the NHL season was wrapping up leaving legal sports betting users with only meaningless regular-season games to wager on.

Out of April’s total handle in Nevada, basketball was the highest draw with $181.1 million in wagers. Baseball came next with $163.7 million, followed by hockey with $45.6 million.

Mobile betting was responsible for 65.3% of the total handle in Nevada, up 60% from March’s numbers.

The future is still bright for Nevada sports betting, as June 1 represents a vital date. Beginning on the first of June, all pandemic-related capacity restrictions will be lifted across Las Vegas and the state of Nevada.

From there, it is likely that numbers will return to their regular pattern of growth. Las Vegas still has plenty to look forward to with the continued expansion of sports betting platforms to come.

News tags: Las Vegas | March Madness | MLB | NBA | NCAA | Nevada | Vegas Golden Knights