Nevada Sportsbooks Post State-Record $80.9 Million in September Revenue

Nevada sportsbooks won $80.9 million in adjusted gross sports betting revenue for September, setting an all-time monthly high in the post-PASPA era, according to figures released Tuesday by the state's Gaming Control Board.

The figure smashed the previous state record of nearly $72 million established in November 2021. It also pushed the state's post-PASPA revenue total above $2.5 billion, putting Nevada in a select group with New York, New Jersey, Illinois and Pennsylvania.

Nevada's sportsbooks maintained the nationwide status quo of September, in which the betting public has been absolutely battered as its 10.6% hold was also an all-time monthly high. The only other time operators attained a double-digit win rate in the post-PASPA era was in November 2020 at 10.1%.

September action totaled close to $765 million, which was down 5.7% compared to last year, but revenue was up 29.8% as the hold was 2.9 percentage points higher. Handle was up 67.8% compared to August, while revenue more than tripled from the $25 million won.

The state collected nearly $5.5 million in tax receipts for the month, pushing the total for the first nine months of 2024 above $25 million.

A September Smackdown of Bettors

September marked just the fourth time monthly football revenue topped $50 million, and it missed the all-time high of nearly $56 million set in November 2020. The 11.5% hold against close to $486 million worth of wagers was an all-time monthly high during the months spanning September through December, edging out the 11.4% win rate in September 2018. Sportsbooks did more with less than September 2023: Handle was down 4.7%, but revenue surged 44.2%.

Baseball wagering provided the second-biggest bucket of revenue with $13.4 million, as the house had an 8.4% hold on $159 million worth of bets placed. But handle and revenue both declined from 12 months prior, with action down 15.6% and operator winnings off by 17%.

The catch-all "other" category, which includes golf, tennis, soccer, mixed martial arts, boxing, and motorsports in Nevada, provided an all-time monthly high of $10.4 million in sportsbook revenue. It was the first time in the post-PASPA era operators notched an eight-figure haul, with the previous high of $9.9 million coming in April 2023. The 11.4% hold on $91.7 million handle was a high-water mark for 2024 and fifth-highest overall.

Parlay wagering is far less prevalent in Nevada than other states, but the strong performances by sportsbooks in football likely carried over to the multi-leg wagers. Operators reaped $2.3 million in revenue while notching an eye-watering 60.9% hold on $3.9 million in bets placed. That was more than double the $911,000 won on parlays last September, as handle increased 46.1%.

Bettors did recoup some losses via basketball and hockey, as the house continued to pay out winning tickets from last season. Operators paid out $953,000 above the $22.7 million in accepted hoops wagers, while hockey bettors pocketed $168,000 more than the $1.2 million handle generated.

Retail Sportsbooks Shine Bright

Las Vegas is always a prime destination for sports bettors in September, thanks to both Circa Sports and the SuperBook running their football pick 'em contests. The carnage that took place throughout September — only 3% of the $14 million Circa Survivor pool remained by month's end — contributed to brick-and-mortar venues accounting for $44.9 million of September's record haul.

That was an all-time high for retail sportsbook winnings, topping the previous mark of $42.9 million established in September 2022. The 16%-plus win rate against $280.1 million handle was also an all-time monthly best in the post-PASPA era, edging out a 15.9% hold attained that same month two years ago.

Mobile counterparts also did their part, ringing up nearly $36 million in winnings with a 7.4% hold on $484.8 million handle. That was also an all-time monthly high, bettering the $35.1 million reported last October.