- Nevada sportsbooks take in over $550 million in bets in September, surpassing a previous high recorded in November 2015
- This is the sixth time in history that the 500 million mark has been surpassed
This increased turnover has been largely attributed to increased NFL and college-related betting which is said to account for just over $40million of the oddsmakers’ overall handle. Another major contributing factor was the much touted Mayweather-McGregor boxing bout which was a major boon for the books in terms of handle.
This is good news for Nevada’s sportsbooks which continue to experienced sustained growth since the last overall turnover loss in July, 2013.
It is not just the handle that increased, Nevada sportsbooks generated over $40 million in revenue which is one of the highest figures recorded since 2014.
This was coupled with a decent hold percentage of 11 percent on all bets.
Nevada is the number one sports betting state in the US – a nation which largely outlaws sports betting entirely. Currently New Jersey is on a mission to lift the controversial federal PASPA law, with a date at the Supreme Court set to decide whether the law can be lifted for that state.
If successful, it could see many other states jump on the bandwagon, and open up an industry worth about $150 billion across the US.
Will the trend continue?
With such impressive numbers registered in September, pundits are predicting a further increase in betting handles in the coming months.
Traditionally, October and November have been one of the busiest months for sportsbooks, so if the trend continues the state may be in for more record breaking figures.
Nevada may very well be poised for a $600 million handle for the very first time – certainly a tantalising figure for any states looking to boost state coffers by relaxing bans on sports betting.
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