Sports Betting Hold in Nevada Stays Steady as Operators Miss Out on May Spike

Sports Betting Hold in Nevada Stays Steady as Operators Miss Out on May Spike Pleas Subscribe For Daily Sports Betting News

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During a big May for sportsbook operators around the U.S., those in the Silver State held steady and recorded similar legal sports betting numbers month-over-month.  The Nevada Gaming Control Board reported revenue of $30.1 million for May — down 7% from April — on a handle of $527 million. The 5.7% hold is up 1.3% month-over-month and higher than the 4.8% from May 2022. 
It’s close to where Nevada sports betting historically sits in win rate, but it’s far off from other high-handle states like New York, New Jersey, Pennsylvania, and Massachusetts — which all saw their operators turn double-digit...

During a big May for sportsbook operators around the U.S., those in the Silver State held steady and recorded similar legal sports betting numbers month-over-month.  The Nevada Gaming Control Board reported revenue of $30.1 million for May — down 7% from April — on a handle of $527 million. The 5.7% hold is up 1.3% month-over-month and higher than the 4.8% from May 2022. 
It’s close to where Nevada sports betting historically sits in win rate, but it’s far off from other high-handle states like New York, New Jersey, Pennsylvania, and Massachusetts — which all saw their operators turn double-digit holds in May. 
Sports betting sites and retail's combined May handle was down 11.8% monthly and 6.2% yearly, while mobile wagering of $358 million made up 67.9% of the total handle but saw a 10% drop from May 2022.
Retail revenue of $12.6 million was only about $5 million less than online’s, thanks to a win rate of 7.4% for the brick-and-mortar shops that eclipsed mobile’s hold of 4.9%.
The Silver State hauled in $2.02 million in tax revenue — down slightly from the $2.2 million in April — which put the current total for 2023 at over $971 million collected.
Hockey body checks operators
Despite no NFL or college football games in May, it was quite the month for sportsbook operators... who shelled out $3.6 million in bettors’ earnings — mostly from the previous season. Just $3.3 million were wagered on the sport during the month. 
Baseball helped make up for that as the sport accounted for $16.5 million in revenue from a handle of $230.1 million. With the NBA playoffs being one of the primary sporting events in May, Nevada sportsbooks took in $175.5 million in wagers and made nearly $12 million in revenue. 
As expected, the Vegas Golden Knights — who advanced through the NHL playoffs during the month of May before winning the Stanley Cup in June — proved costly as operators turned a profit just above $328,000 on a hockey handle of nearly $50 million. This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/nevada-sees-sports-betting-hold-stay-steady-in-may-2023