Nevada’s sports betting handle received a significant boost from basketball betting in March.
According to the latest figures from the Nevada Gaming Control Board (NGCB), Nevada sportsbooks took $641m in bets in March, making this the state’s third-best month ever.
March’s handle also marked a significant increase on the $554m wagered on sports in February but was down on the $646.5m wagered in January.
In terms of revenue, sportsbooks managed to hold onto $39.3m, up from the $31.9m generated the month prior. However, March’s sports betting revenue failed to top the $52.4m generated in January 2021.
Basketball betting dominates the market
Basketball was the most popular sport to bet on in March with Nevada sportsbooks taking $501.5m in sports bets. This includes professional basketball as well as college basketball events.
The surge in basketball betting handle can be attributed to the NCAA’s March Madness tournament.
March’s basketball handle also marked a significant increase on the $495m wagered on basketball events in March 2019.
The “other” sports category, which includes all sports outside of football, basketball, baseball, hockey, and parlay betting, accounted for $69.1m of the state’s handle in March.
Hockey took third place in the NGCB’s report with $58m in bets while bettors wagered $9.2m on baseball events in March.
Nevada’s mobile betting handle still lags behind other markets
Mobile betting accounted for $385.1m, or 60%, of the state’s handle in March. Meanwhile, $255.9m was wagered at land-based casino sportsbooks, which is noteworthy as Nevada’s sportsbooks were restricted to 50% capacity in March.
When compared to other states with mobile betting, Nevada’s mobile betting activity pales in comparison.
In Pennsylvania, mobile and online sports betting accounted for $514.3m of the total $560.3m wagered in March. Meanwhile, in New Jersey, online bets made up 91% of the Garden State’s total handle in March.
This can be attributed to the fact that Nevada’s online sportsbooks still require customers to sign-up in person at one of the state’s casino sportsbooks.
In other states like New Jersey, Pennsylvania, Colorado, Michigan, and Indiana, customers can create their online sportsbook accounts remotely from anywhere within the state.
With Nevada’s latest figures, the total US sports betting handle following the repeal of the Professional and Amateur Sports Protection Act (PASPA), has now passed $50bn nationally.
This total figure does not include figures from New York, Montana, or several tribal operators.