Reports just in are that the Nevada Sportsbooks have recorded the highest handle ever in the month of November. Despite the growth of sports betting in the United States, Nevada sportsbooks have been able to record a total handle of $613.6 million. This comes 18 months after the Supreme Court legalized sports betting in the US.
Nevada is referred to as the father of sports betting, as it legalized sports betting approximately 70 years ago. Other states also seem to have been struck by the good luck charm as well in the month of November. New Jersey recorded its new high handle of $562.7 million while Pennsylvania recorded a handle of $316.5 million. Indiana posted a handle of $147.3 million, which is its highest ever.
According to a detailed news article share by one writer at Casino.org, Nevada sportsbooks have received $4.75 billion bets in the first 11 months of 2019. This translates to total revenue of $292 million, which analysts say is spectacular. In November, approximately 92 percent of the bets were taken from Clark County sportsbooks.
In the same month, revenue went down by $17 million from the month of October to a total of $31 million. The end of the baseball season was partly to blame for the decline in revenue. When the World Series came to an end in October, the sportsbooks recorded a win of $11.5 million.
This year’s handle is 5.6 percent higher than the same period last year when the sportsbooks reported a handle of $581 million. Revenues have also gone up by 14.2 percent from last year when the total revenue earned in the same period was $27.2 million.
This has partly been attributed to college and pro football championships that are ongoing. Almost two-thirds of the bets placed are on these games. The sportsbooks have received a total of $384.6 million in bets from football. College basketball, as well as a full month of NBA games, has also helped boost the handle.
The basketball handle increased to $166.6 million in November, from $36.1 million in October. Other games including boxing, golf, and hockey, brought in a total of $51.4 million.
While things were looking up for the sportsbooks, the business was not doing so well in casinos in Nevada. Casinos in Nevada have reported a decline in revenue from October to November by not less than $84 million. There are 440 licensed casinos in Nevada alone. Combined, they reported $937.5 million in revenue. This is a decline of almost $30 million from November 2018, when $967.2 million revenue was recorded.
The casinos received almost $12.14 billion in bets in the month of October, which is not any different from last year. This is based on a 12.7 percent win for table games and a 6.4 percent win for game slots. If this continues, there’s no doubt that the sportsbooks are going to gain even much more popular than they are now, which definitely would translate to more revenues of cause.
