Nevada Sports Betting Revenue Drops Despite Rising Handle, Falls Short of New Jersey in May

The sports betting handle in Nevada has risen to $317.4 million in month of May (a yearly increase of 0.6%), but that didn’t help the total revenue for the month which declined 6% to $981.8m.

This is the first time in history that New Jersey’s sports betting handle sures that of Nevada – New Jersey Division of Gaming Enforcement has posted a financial report that reveals that total amount of wagers in May amounted to $318.9 million.

New Jersey Carries the Torch

Of this total handle amount in New Jersey …

…$263.6 million was spent online. In case of Nevada, this state’s sportsbooks’ revenue recorded a sharp fall on annual level – the total income for May was $11.3 million, majority of which originates from baseball ($7.8m), whereas $4.5 million came from basketball.

The revenue was driven down by the $2.4 million loss on football. $1.3 million was generated, in addition, from other events and the remaining $72,000 was parlay cards revenue.

Falling Short Again

May marks the second consecutive month that Nevada’s revenue failed to reach the $1 billion mark…

…which disappoints, having in mind that during the first three months of the year, Nevada managed to collect a revenue in area of that figure. Looking at overall gambling revenue, it was down 19.2% year-on-year, taking table, counter and card games into .

The biggest decline was reported in baccarat segment – its revenue was down 54.8% to $54.6 million.

Slots did well, however: the revenue in this vertical was up 1.5%, to $679.7 million, mostly owing to $299 million contribution from 1 cent machines.

The biggest contributor to Nevada revenue was Las Vegas’ Clark County, with $835.8 million – $517.3 million of which came from Las Vegas Strip.

NJ and Nevada Go Head to Head Again

In late May, it was announced that Roar Digital – t venture by MGM Resorts and GVC Holdings – was awarded iGaming licenses in both Nevada and New Jersey…

…and will offer B2B and B2C web-based wagering in gaming in both states as a result.

GVC CEO, Kenneth Alexander, said:

“I am delighted the NGC has confirmed that GVC meets its stringent regulatory requirements in order to offer betting and gaming products in the state. Coming at the same time as Roar Digital receives a transactional waiver to operate in New Jersey, GVC and our MGM t venture are hitting important milestones which pave the way for the creation of a market leading the US betting and gaming business.”

Source:

“Nevada sportsbook handle falls below NJ in May”, Robin Harrison-Millan, igbnorthamerica.com, June 27, 2019.