Nevada Sports Betting Revenue Eclipses $35 Million For February

• Basketball accounted for over 50% of Nevada sportsbook’s revenue for February
• Super Bowl wagering, though profitable, did not boost the football numbers much.
• MLB’s Spring Training games saw gamblers win more than the casinos.

LAS VEGAS – The Nevada Gaming Control Board released the gaming and sports betting numbers for February on Monday and it turns out that they weren’t as bad as expected.

Other legal sports betting states like New Jersey found themselves with limited revenue or even negative revenue during the month of February mainly due to the Super Bowl. Nevada on the other hand, saw sports betting revenue almost reach $36 million from their over $400 million handle.

February’s 7.81% overall hold was the second-highest revenue percentage since September 2018.

This came to be mainly from the near $20 million won by the casinos from betting on basketball. With a handle over $250 million, the 7.71% hold was enough to account for over half of the entire month’s revenue.

Back to the NFL side of things, the casinos were also able to hold 7.71% of their handle, which neared $143 million. This added an additional $11 million of revenue for the sportsbooks.

Though baseball only had Spring Training games to offer, the sportsbooks are excited to be moving onto the regular season. The 439 reported licensed sportsbooks lost $267 thousand over their $1.189 million handle. Sportsbooks were not able to receive any profit, which accounted for the negative hold of 22.44%

Maybe the sportsbooks will think twice next year about removing Spring Training games as the MLB requested.

Parlays are everyone’s favorite game and this holds true for the Nevada sportsbooks too. On a near $1.9 million handle, the books were able to hold 28.12%, covering baseball’s losses and more, as over $500,000 was kept as revenue.

In comparison to Nevada’s February 2018 report, the three sports and parlay cards all saw their revenue numbers increase. Last year, football accounted for a loss of $2.57 million, while baseball was in the same ballpark as this year. Instead of losing $267 thousand, they lost just a little bit less: $222 thousand.

Like 2019, basketball was the driving force in February 2018, as the sportsbooks were able to hold over $11.6 million of their $213 million handle.

Meanwhile, parlay cards saw revenue increase tenfold, as only $49,000 was kept by the casinos in February 2018.

With March Madness in full swing and the NBA Playoffs around the corner, we expect the NBA wagering numbers to remain constant. Now that baseball has begun and football has officially ended, we will be sure to provide Nevada’s March gaming and sports wagering numbers when the commission released them.

News tags: March Madness | MLB | Nevada | Nevada sports betting | NV revenue