Nevada’s Sports Betting Handle In October Reached $660 Million

• Nevada had a record-breaking month in sports betting handle for the state with $660 million in wagers.
• They lagged 18% behind the national record for handle of $803 million that is held by New Jersey.

LAS VEGAS – Nevada posted their October sports betting numbers, and while they’re impressive, they still haven’t reached the figures of New Jersey.

October 2020 gave Nevada $660 million in handle, a new record for the state, as their last record was $614 million occurring in November 2019.

That’s an increase of 7.5% as far as records are concerned and a total revenue of $42.4 million brought in for the month with a 6.4% hold.

Nevada Sports Betting Figures & It’s Nemesis New Jersey

In September, the Silver State collected $575.1 million in wagers on sporting events, seeing a 14.7% surge in activity in October. Although Nevada held a record-breaking month according to their own reports, they were still about 18% behind the national record held by New Jersey.

The Garden State saw $803 million in handle for their October figures, a new record for the country in sports betting.

However, New Jersey and Nevada bet on sports in very different ways. Over 93% of the bets placed on sporting events in the Garden State were done so with the use of mobile and online sportsbooks.

There was a minor uptick in use in October from September’s 54.9% of handle coming from online sportsbooks but the biggest time was in July with 69% when land-based establishments were shut down.

Nevada had 57.1% of their wagers placed online in October, accounting for $376.8 million of the month’s total handle, with the other bets done through land-based establishments that are currently operating at limited capacities due to COVID-19.

Remote registration is a rule for the Silver State that plagues its use of these outlets for gambling on sports. The Nevada Gaming Control Board was going to hold a hearing in November that would’ve been open to the public to get opinions on lifting the remote registration rule.

They canceled the meeting and have not yet made an announcement on when it will be rescheduled. Until then, the rule remains in place.

The Nevada October Sports Betting Breakdown

NFL betting and football wagers, in general, had the largest amount of activity with $441.1 million gambled on the games.

This is an increase of 24% from year-on-year where October 2019 football bets brought in $355.7 million. Baseball was next in line with a 33.4% surge from year-on-year with $110.7 million wagered.

Not only were MLB Playoffs being played, but the pandemic also led to a newfound popularity in the Korean Baseball Organization (KBO) that continues to have betting fans today even with the return of American sports.

The NBA and basketball betting lines saw $37.1 million in October, recording only $1 million extra than October 2019.

All in all, the Silver State had a tremendous run in October 2020 but their run as the leading sports betting industry in the nation may soon be over as New Jersey is very close to being crowned the number one state in the U.S. for gambling on sporting events.

However, if Nevada can get the remote registration for mobile sportsbooks rule lifted, there could be a fight for the crown before they allow themselves to be dethroned by the Garden State.

News tags: Coronavirus | COVID-19 | KBO | Korean Baseball Organization | Las Vegas | MLB | NBA | Nevada | Nevada Gaming Control Board | New Jersey | NFL