In the latest gambling news for Nevada betting in December, sportsbooks see better month-on-month revenue despite a decline in handle. Sports betting in Nevada saw almost $50 million less wagers in December, compared to the previous month. This is the first time that the handle has dipped in the last four months. November’s total handle is $927.9 million, which decreased to $880.5 in December.
If you are still learning about sports betting and studying about how bookies work, and how much bookies make, take note of this. Even if you see a dip in handle, this does not mean that your sportsbook is in trouble. You need to see more than just the betting handle to understand the data.
In Nevada’s case, you see a month-on-month decrease in handle, but you also have a month-on-month increase in revenue. There are a lot of factors that can explain why, but its mostly down to the hold percentage. For the gambling hotspot state, the hold is at 6.27%.
Nevada Betting in December and 2022
Nevada’s revenue for December is at $55.2 million, giving us around a 2% increase from the previous month. The year-on-year numbers are on a decline as well. The total betting handle is down by 13.1% from December 2021. But again, the revenue for December 2022 gives us a 245.9% increase in handle from December 2021.
If you are wondering about an online gambling business on a budget, sports betting remains to be a lucrative business. For Nevada’s sports betting industry, online sportsbooks took in 68.6% of all of the wagers received in the month. This is around $604 million, with a 13.4% hold, giving us $37.1 million in handle.
And 2022 was a great year for sports betting in Nevada. Sportsbooks have a total handle of $8.7 billion for 2022, which is higher than 2021’s $8.1 billion. Of course, football and basketball topped the sport of choice in wagering. Both sports are expected to generate even more action in Q1 2023, so it will not be surprising if we are to see an increase in both handle and revenue in Nevada in the beginning of the year.