Nevada Sportsbooks Hit $419 Million In Handle In July – Legal Sports Report

Nevada sportsbooks posted a 2022 monthly low $419.4 million in sports betting handle in July.

Still, that figure, released Tuesday by the Nevada Gaming Control Board, represented a nearly $10 million increase from July 2021 year-over-year ($409.7 million).

Nevada sportsbooks netted just $16.2 million in July 2022 revenue, however, with a relatively low 3.9% hold keeping that number low.

Thats compared to $33.3 million in revenue in July 2021, when the NBA and NHL playoffs were still ongoing due to the coronavirus pandemic.

Since the fall of the federal sports betting ban, US sportsbooks have averaged 7.2% hold, though that number has typically been in the 5-6% range in Nevada.

Nationwide, sportsbooks have had handle and revenue dips during the summer, with lesser options available for bettors.

But that trend should reverse as the 2022 NFL season kicks off in September.

Last NFL season, Nevada sportsbooks posted four straight months over $1 billion in handle (Oct. 2021-Jan. 2022). Nevada is on pace to finish 2022 with nearly $10 billion in handle, which would represent a 20% increase from 2021.

In July, online sports betting accounted for $273.7 million of the handle total, and $14.5 million in revenue. Baseball accounted for $289.8 million of handle, and $19.1 million in revenue. But Nevada sportsbooks during the month lost $5.8 million combined in football, basketball and hockey.

Nevadas handle numbers come on the heels of the news that FanDuel Sportsbook will make its debut in the state next year.

TheNevada Gaming Commissionsigned off on FanDuels entry into the state ata meeting last weekafter theGaming Control Boardrecommended approval earlier this month. Fremont Casinoin downtown Las Vegas will rebrand its sportsbook under the FanDuel name as part of a$50 millionexpansion. The sportsbook is expected to open early next year, according to a joint release.

Even though the sportsbook will have the FanDuel branding, it will not operate much differently than the current book. That is because while FanDuel is supplying the odds, Boyd will remain in control of the sportsbook.

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Nevada Sportsbooks Hit $419 Million In Handle In July - Legal Sports Report