Nevada Sportsbooks Report Record Sum of $450 Million Wagered in January 2016

Nevada Gaming Control board has released figures for January 2016 and Nevada sportsbooks have set a new in-state record for total amount wagered of $448.2 million, in the month of January. Previously this record was held by January, last year (2015).

The record breaking handle came after a record breaking year for Nevada sports betting. Experts believe the rising trend in sports wagering in driven by technological advancement in the mobile platform and better app development efforts that provide more streamlined and convenient betting options. Despite the record-breaking handle, Nevada sportsbooks have reported a win of $19.63 million, with a hold of 4.38%, which is less than the $20.3 million, reported in January 2015; a 3.3% year-over-year drop.

Nevada also set a second record in sports betting in January; National Basketball Association (NBA) and National Collegiate Athletic Association (NCAA) wagering was reported at $187.6 million; resulting in a win of $10.2 million, a hold of 5.44%. Although the handle for January 2015, then record breaking $177.2 million was smaller than this year, last year saw a bigger win, at $13.9 million for the bookmakers.

The books also did well for football betting in the month; $234.8 million was wagered on NFL and college bowl games, including the NFL playoffs and CFP National Championship Game. The books won $8.2 million, with a hold of 3.49%. Comparing these figures to those from this time last year, when a handle of $184.25 million was achieved with a win of $4.68 million, we can see a 133% increase in hold in terms of dollars. The increase in revenue is attributed to scheduling oddities; a shift in NFL schedules benefitted January 2016 with an extra week of regular season games compared to last year.

Parley cards and all other sports, which include hockey, soccer, tennis, golf, boxing, MMA and racing have won $1.9 million in January 2016, topping last year’s winnings of $1.67 million for the same period.

Despite the sizable profits in sports betting, overall, Nevada casinos have won a collective amount of $925,316,080 in January 2016, a decrease of 2.87% from the figures reported in January 2015; $952,665,050. This highlights the importance casino operators place on non-gaming revenue.

Looking ahead at figures for February 2016, we already know that a record handle of $132.5 million has been set for the Super Bowl, in Nevada, with sportsbook winnings calculated at $13.3 million; however, we will have to wait further for the overall results.

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