The state of Nevada is starting to see a huge bounce back in sports betting, although the numbers still aren’t as high as other states throughout the country. Sports betting handle in Nevada in October was almost $660 million, shattering a previous state record.
The October total was up almost 15% from September, and it was up almost 21% year-over-year. The sports betting industry has fully recovered from the COVID-19 pandemic, but there are still factors holding the market back.
November 2019 was the previous record in the state of Nevada, and that could mean that another huge month is coming. Football led the way with almost $442 million wagered in October as the NFL and college football seasons are underway.
Mobile sports betting revenue was up almost 30 percent from the September totals, but it was actually down year-over-year. The fact that Nevada still has an in-person registration requirement is holding the market back.
New Jersey Leading the Way
Despite the huge growth and increase in sports betting numbers in Nevada, the state is no longer the leader in the US sports betting industry. New Jersey shattered a previous industry record last month by recording more than $803 million in total sports betting handle.
Nevada was actually able to close the gap a bit on New Jersey in October, but the difference was still more than $143 million. In August, New Jersey posted a sports betting handle of more than $190 million more than the Nevada total, and that gap is expected to be over $200 million in the coming months.
“The Strip” Still Being Hit Hard
Tourism has been hit hard due to the COVID-19 pandemic, and the Las Vegas Strip has been greatly affected. The Las Vegas Strip saw a 30 percent decrease in gaming win in 2020 compared to last year, and the lack of tourists to the state played a huge role in those numbers.
There were some areas in Nevada that saw an increase in gaming win during October as Reno casinos saw a win increase of almost 6%. COVID-19 restrictions are back in effect for parts of the state, which could prove costly for the gaming industry.
Could the US Top $3 Billion?
The entire sports betting industry in the United States has been posting some huge numbers, and the US could go over $3 billion in sports betting handle in October. Colorado and Illinois have yet to post the October numbers, but it’s clear that the United States is set to go over the $3 billion mark soon.
Outside of New Jersey, three other prominent states set new betting records in October, and Nevada is also being challenged by plenty of other states. Pennsylvania is the latest state to challenge Nevada posting a sports betting handle of more than $525 million last month.
Indiana ($230.9 million) and Iowa (81.9 million) also set new records last month, and the Midwest portion of the US continues to grow.