First Time Ever: Nevada Sportsbooks Outpaced By New Jersey Counterparts In JanuaryNevada Gambling Revenue Drops 3 Percent Year-Over-Year In January |
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For the first time ever, Nevada sportsbooks didn’t top the list for sports betting revenue. According to numbers released by the Nevada Gaming Control Board last week, Nevada sportsbooks won $14.6 million from its bettors in January 2019.
That puts New Jersey at the top of the list for sports betting revenue to start 2019 after a record month in terms of handle, taking in $385 million in bets. The Garden State sportsbooks won $18.8 million on those bets.
The total handle for Nevada sportsbooks also set a monthly record with $497 million gambled on sports. But despite the haul, a disappointing hold rate of just 2.9 percent accounted for the fall behind New Jersey.
In December 2018, Nevada sportsbooks had a hold rate of 7.8 percent. According to the UNLV Center for Gaming Research, the average hold rate is 4.8 percent.
The dip in sports betting revenue is reflective of an overall trend in Nevada. Nevada casinos won just shy of $1 billion from gamblers in January, a three percent decline year-over-year. Silver State casinos started 2019 by winning more than $984 million from its patrons, compared to the $1.015 billion won in January 2018.
The Las Vegas Strip brought in more than half of that money, collecting $532.25 million from gamblers. However, the Strip suffered a year-over-year decline as well, dropping four percent after winning $554.75 million in January 2018.
The downtrend comes less than a month after the NGCB released a report showing that Nevada casinos lost $1.2 billion during the last fiscal year.
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