Nevada's Betting Handle Dips in November 2023 but Profits Soar
Date: 2024-01-01 Author: Dima Zakharov Categories: SPORTS BETTING
Nevada's Betting Handle Dips, but Profits Soar
In November 2023, the Nevada Gaming Control Board reported a small dip in the betting handle, with a total of $921.9 million wagered. While this was slightly lower than the $928 million from the same period in 2021, it didn't dampen the spirits of the state's gaming industry.
Nevermind the Sports Betting Lull, Profits Are Coming
Despite the decline in the betting handle, sportsbooks managed to retain a healthy profit margin. Mobile betting took the lead, accounting for 67.8% of total wagers, generating around $625 million. Although this was down by $17.5 million from November 2022, it continued the trend of success seen in October.
Sportsbooks achieved a solid 4.45% held percentage, amounting to approximately $40.1 million in profits. This was a significant improvement from the 4.05% held percentage in November 2022, showcasing resilience in the face of reduced betting interest.
Gaming Continues to Thrive
On a positive note, the gaming sector continued its growth trajectory. Nevada reported a substantial $1.3 billion in gaming revenue for November, marking a 12.5% increase from the previous year. The Las Vegas Strip led the way, contributing $821 million to the total.
This impressive gaming revenue represented the second-highest win in the state's history. Many experts attribute this success to the Formula One racing event's fanfare and interest, which overshadowed any inconveniences it may have caused.
Baccarat High Rollers Boost Gaming Results
A standout highlight was the remarkable 78.6% growth in gaming proceeds from baccarat during November. This surge indicates that affluent gamblers flocked to the Las Vegas Strip, providing a substantial boost to the gaming industry's bottom line.
In summary, while November saw a slight decline in the betting handle, the Nevada gaming industry remained profitable, thanks to mobile betting, steady gaming growth, and high rollers' contributions, proving that the Silver State continues to be a hotspot for gaming enthusiasts.
