Nevada’s sports betting market suffered to funnel in wagers in the final months of the fourth quarter of 2022. To start 2023, operators came close to bringing in $1 billion in bets, which tails the $1.1 billion benchmark set exactly a year ago.
Nevada Records a Much-Needed Comeback Month
The Nevada Gaming Control Board reported a total handle of $935 million. For other prominent markets, such a number may not be considered significant, but for the Silver State, this figure was the highest registered total since January 2022.
Factoring in the results, the 935 million in accepted wagers highlighted a decline of 15.6 percent from the previous year. Unlike the major markets in the sports betting industry, the mobile sports betting market amassed only 62 percent of the total handle.
Las Vegas is more known for its casino and iGaming markets in the United States. In addition, the Silver State is one of the few states to offer both poker at casinos and online markets.
Mobile sports betting in the state accounted for just $581.5 million, which noted a decline of 26.2 percent from its year-over-year comparison. Unfortunately, the pioneer of the sports betting markets has fallen behind other jurisdictions that post an online handle of around 98 and 99 percent each month.
There Aren’t Many Mobile Options For the Public
Comparing Nevada’s January 2023’s handle into perspective, the relatively strong figure already trails newcomer Ohio. in the Buckeye State bookmakers combined to accept $1.1 billion in wagers in its first inaugural legalized sports betting month thanks to $320 million in offerings as part of the promotions of many sportsbooks.
New Jersey and New York also joined the $1 billion club for the month. In the Silver State, operators were able to generate $50.4 million in revenue to start 2023. The numbers slightly declined because the hold rate dropped from 6.3 percent in December to 5.4 percent.
Nevada hopes the state could bring a winning result because the national average stands still at 7.2 percent. With the outcome finalized, the state brought in $3.4 million in tax receipts.
Super Bowl Betting Declined Throughout the Industry
Despite the matchup between the Kansas City Chiefs and the Philadelphia Eagles making several headlines, the two best teams battled each other for the Vince Lombardi Trophy.
Another factor in Nevada’s decline was Caesars’ tech platform went down for three days, affecting William Hill’s platform. Unlike New Jersey and Ohio, bettors in the Silver State don’t have many platforms to choose from due to the state’s low barrier to entry.
The problems that William Hill experienced may be due to its outdated technology. Can Nevada’s handle bring in $1 billion in wagers or break its sports betting handle record during March Madness before the beginning of the summer slowdown makes a potential return?
