Nevada Sportsbooks Post Higher Revenues than New Jersey For First Time
Nevada Sportsbooks Defeats New Jersey For the First Time In Three Months
After being pushed around by New Jersey all summer, Nevada sportsbooks came back in a big way with a huge September that totaled over $546.3 million in handle for a revenue of $52 million in winnings, easily topping the NJ sports betting handle for the month.
In figures released by the Nevada Gaming Control Board this week, retail and online sportsbooks accepted $546.3 million in bets, over $100 million more than New Jersey did in September as their total reached $445.6 million.
Boosted by the return of college and professional football, the two states crossed the $1 billion mark in combined total bets for the month of September, making it one of the largest 30-day periods for the gambling industry.
Football was responsible for $377.5 million of the total handle for Nevada sportsbooks, a roughly 69% mark that shows the power of the pigskin for bringing in bettors and high volume wagering that the gaming operators rely on for the year.
By nearing the $550 million threshold for the month, Nevada looks to be on track for their second straight year of $5 billion in total handle.
How did September 2019 Compare to Previous Years for Nevada Sportsbooks?
While not as positive as the surge in betting in New Jersey from September of 2018 to the same month in 2019, Nevada held strong although they experienced a slight dip in handle from year to year.
In September of 2018, Nevada sportsbooks accepted $571 million in bets compared to this year’s $546 million, although the comparison is slightly skewed due to the fact that 2018’s first month of football had an extra Saturday for additional college football betting.
Betting in Nevada was down by 4.3% with regard to the handle and 7.5% in revenues, although again that is strictly due to the loss of the extra Saturday when compared to a year ago.
New Jersey went from $183.9 million in bets during September of 2018 to a whopping $445.6 million this year. This dramatic increase is undoubtedly due to the emergence of online betting in the state where over 80% of all the bets are made via the mobile app.
When comparing revenue for the month, Nevada’s $52.1 million in winnings for the sportsbooks easily surpassed the $37.9 million held onto by the books in New Jersey.
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What Will Keep Nevada Ahead of New Jersey?
Although New Jersey has certainly put together some impressive months, especially during the summer, Nevada flexed its muscle as a premier entertainment destination for bettors with the strong month in September.
A foreseeable problem for the Garden State is the relative lack of competition as New York continues to scuttle plans to legalize statewide sports betting either through physical locations or online wagering.
New York recently authorized betting in four casinos upstate but the early handle returns of the gaming locations show that the state has a long way to go before biting into New Jersey’s regional sports betting monopoly.
With Nevada on track for their second straight year at a $5 billion sports betting handle, they should remain on top in the United States for the foreseeable future.