Nevada betting handle hits record $660m in October

Nevada set a sports betting record in October, joining other states like New Jersey and Pennsylvania.

According to the latest figures from the Nevada Gaming Control Board (NGCB) bettors in the Silver State wagered $660m on sporting events in October setting a new record for the state.

October’s betting handle was up 7.5% on the state’s previous record of $614m from November 2019 and 14.7% up from the $575.1m wagered the prior month.

Nevada’s sportsbooks managed to generate $42.4m in revenue in October, up from $32.9m generated in September.

What did people bet on?

Football was the most popular sport to bet on in October, with bettors in the state wagering $441.1m on the sport. This marked a significant increase on the $221.9m wagered on football in September.

Baseball handle jumped to $110.7m in October, up from the $147.3 wagered on baseball events last month.

Basketball betting handle, however, dropped to  $37.1m in October from the $114.8m wagered in September.

Nevada lags behind New Jersey

Although Nevada’s betting handle hit a new record in October the state’s handle is still quite far off from the national handle record of $803m which was set by New Jersey in October.

The gap between the two states is incredibly noticeable when comparing mobile and online betting figures

Bettors in the Silver state wagered $376.8m via mobile sportsbooks which accounted for 57.1% of the state’s October handle. This also marked a slight improvement on September’s mobile handle which accounted for 54.9% of the state’s handle.

New Jersey, on the other hand, saw $744m or 93% of its handle come from mobile and online sportsbooks.

Although both states offer mobile betting, the markets have very different rules. In Nevada, customers must create their sports betting accounts in-person at one of the state’s casinos, whereas New Jersey’s regulations allow for bettors to register online betting accounts remotely from anywhere in the state.

If Nevada were to permit remote sportsbook registration it would certainly allow the state’s mobile market to increase its market share.

The NGCB was set to hold a public hearing on remote registration earlier in November, but the hearing was cancelled.

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