The Nevada Gaming Commission reported sports betting revenue totaling $64.7 million for January, as the house routed the public on football wagers.

Total revenue was up 28.4% compared to January 2023 despite a 16.3% dip in handle to $782.8 million. It was the fourth-highest amount of operator winnings in Silver State history in 68 months since sports betting expanded beyond Nevada’s borders. Revenue was also up 9.6% from December’s $59.1 million, and it was the sixth time overall that operators collected more than $60 million in monthly winnings.

A good deal of those winnings came via football bets, as the house posted a 10.9% hold on such wagers. Retail betting also provided a huge boost to the bottom line, as brick-and-mortar sportsbooks crafted a 12.6% win rate — their best since a 13.4% hold in December 2022.

The state received $4.4 million in taxes, lifting the all-time total to within $88,000 of $150 million.

1 New York $1.97B
2 New Jersey $1.72B
3 Penn. $858.2M
4 NEVADA $782.8M
5 Mass. $651.7M
6 Michigan $601.6M
7 Maryland ~$545M
8 Indiana $480.6M
9 Tennessee $465.8M
10 Louisiana $346.3M#SportsBettingX #GamblingX

— Chris Altruda (@AlTruda73) February 29, 2024

Football revenue totaled $38.5 million in January, up 33.9% from 2023, as upsets in the NFL playoffs and Michigan defeating Alabama in the College Football Playoff semifinals appeared to offset the Wolverines beating Washington to win the national title.

The 10.9% win rate was the best in-season football hold for Nevada sportsbooks since an 11.2% mark fashioned in November 2020. Handle, however, tailed off notably to $354.5 million — down 17.5% from the $429.9 million worth of accepted bets in January 2023.

Basketball revenue also ticked higher compared to the opening month of 2023 despite a downturn in action. The 5.8% win rate on $317.5 million handle led to $18.4 million worth of operator winnings, a 19.8% improvement with the hold being 1.9 percentage points higher. Handle plunged 19.1% versus the $392.2 million put forth by bettors to start last year.

Baseball payouts were slightly higher in 2024, with the house paying out more than $1 million above the $15,311 in accepted wagers. Winning tickets cost operators only $709,000 in 2023 against roughly the same handle.

Action did increase in the catch-all “other” category, which includes soccer, tennis, boxing, mixed martial arts (including UFC), and auto racing. The $69.3 million handle was a 16.1% improvement from last year, and with the 8.2% hold 2.5 percentage points higher, the $5.7 million in operator winnings represented a 67.2% increase.

Hockey wagering provided $3.1 million in revenue from a 7.5% hold versus $40.7 million handle, while the house was held to an 8.6% hold on parlays, resulting in $173,000 revenue from $2 million in bets.

1 New York $211.7M
2 New Jersey $170.8M
3 Penn. $97.6M
4 Maryland $80M
5 Mass. $72.7M
6 NEVADA $64.7M
7 Indiana $53.5M
8 Louisiana $52.7M
9 Michigan $48.2M
10 Conn. $24.9M#SportsBettingX #GamblingX

— Chris Altruda (@AlTruda73) February 29, 2024

After generating a mere $165,000 more revenue than their counterparts with sports betting apps in 2023, Nevada’s brick-and-mortar sportsbooks went to work in January. The $34.6 million in winnings was their best monthly haul since collecting $37.1 million to close out 2022, while the 12.6% hold marked the fourth time in five months that it was 11.2% or higher.

Not that the mobile sportsbooks fared all that badly by Silver State standards. They had a 5.9% win rate in reaping $30.1 million from $508.5 million worth of bets. It was the sixth-highest hold for mobile betting since the NGC began breaking out mobile and retail splits in January 2020. The solid performance lifted the all-time mobile hold on $19.57 billion handle to 4%.

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