Last updated on December 6th, 2023 at 02:01 pm
As a bookie, its always important to read the latest sports betting news. Knowing how adjacent betting markets perform will help you gauge if your sportsbook is performing similarly, or if there is something else going on. With the latest news, you will find out any trends, changes, or anything that can affect the behavior of sports bettors. Here, we will find out why Nevada sportsbooks are very happy with their numbers for the month of July.
According to the Nevada Gaming Control Board, sportsbooks in Nevada are seeing a huge in jump in revenue, from June’s $9.5 million to July’s $25.3 million. Not only are we seeing more than double an increase in month-to-month numbers, but the revenue for July is also 55.7% higher than July of the previous year. Online sportsbooks take in 65.7% of the total handle at $268.1 million, even though the handle is 2% lower year-on-year.
Nevada Sportsbooks are Happy with Revenue Margin
The jump in revenue is truly remarkable, especially when sportsbooks actually have 2.7% less wagers (handle) year-on-year. The credit goes to the 6.2% hold percentage, which is around 2 points higher than the same period last year. Could this burst in betting happen because the Vegas Golden Knights won the Stanley Cup?
You can check your sportsbook as well, with the help of a bookie software solution, to find out which sports bettors prefer to wager on. For sportsbooks in Nevada, baseball contributes over $19.9 million in revenue, from a handle of $269.7 million. This gives us a 7.2% hold on baseball alone- and the highest that sportsbooks in the state have seen in the sport in two years.
Basketball is the next-most popular sport with a $34.4 million handle, while $100.9 million of wagers come from various games from soccer, tennis, MMA, and boxing. Football is trailing behind at $3.1 million. However, expect football to rise up the ranks as preseason, Week 1, and futures bets on the NFL will start to open in August.
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