Nevada Sportsbooks Generate Record Handle In MarchState's Sportsbooks Accept $600 Million In Wagers In March |
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March was a historic month for sports betting in Nevada with sportsbooks generating a record-setting handle of nearly $600 million.
According to reports released by the Nevada Gaming Control Board, the books netted $32.5 million in revenue on the record handle, good for a hold rate of 5.4 percent.
Unsurprisingly, March Madness bets accounted for most of the record with gamblers betting $495 million on the NCAA tournament. This dwarfs New Jersey’s $106 million March Madness handle.
Nevada sportsbooks actually won more than $32.5 million from March Madness bets with a 7.1 percent hold rate on the tournament. It was Super Bowl futures that were redeemed in March that cost the books even more revenue. They lost $12.2 million from those bets that were cashed in.
Casinos in the Silver State won $1.02 billion from all forms of gambling in March. The number is up slightly from February and basically even with March 2018. Clark County, the county which encompasses Las Vegas, made up nearly all of that revenue with $883 million.
The Las Vegas Strip casinos won $552 million, which was down 4 percent year-over-year. Downtown Las Vegas casinos were up 8.66 percent year-over-year, however, winning $58.6 million from its patrons.
South Lake Tahoe Casinos also saw a huge increase in revenue. Casinos in the area were up 9 percent from March 2018 and won $15.9 million. Elko County casinos had the largest percentage jump of any region in the state. They were up $10 percent and won $30 million.
Throughout the state, slot revenue rose 5 percent to $675 million, while table games revenue was down 9 percent, generating $348 million in revenue. The state government took $80 million in tax revenue.
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