Nevada Sports Book See Record $439.5 Million Bet On Basketball In Single MonthHowever, It's Only A Small Fraction Of Nationwide Market |
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Nevada’s gaming revenue report from March released Wednesday showed that $439.5 million was bet on basketball last month, an all-time high for the state, according to a report from ESPN.
The books won $41.3 million of those wagers, which represents a hold percentage of 9.6 percent. The $41.3 million basketball win was also a record for Nevada.
The win amount was 91.7 percent more than the books retained in March 2016.
Nevada doesn’t break down revenue between NCAA and NBA games.
Sports betting in the Silver State, as well as in country as a whole, is at record levels, fueling efforts to repeal a 1992 law that prohibits traditional sports betting outside of Nevada.
Think $439.5 million is a lot? According to the American Gaming Association, $10.4 billion was bet on March Madness alone nationwide, but mostly through unregulated channels.
The AGA estimated that about $300 million of that was bet in regulated Nevada sports books. The AGA also said that the $10.4 billion is a 13 percent increase compared to last year’s $9.2 billion in betting volume on March Madness.
Last year, the sports books won $219.2 million overall, a decline of more than five percent compared to 2015. However, the handle of $4.5 billion was a record for the Silver State.
Football accounted for nearly $1.7 billion of the overall handle, making it the most popular sport to bet on. Basketball was second with $1.4 billion.
There are 190 sports books in Nevada.
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