Nevada Reports $609 Millions Wagered in November

Nevada sports betting is not going in the direction it was hoping in November. Last month, the state saw $609.8 million in bets for the month, which is down from October’s $659.2 million. This is a bit of a surprise as Nevada has been the sports betting capital of the U.S., and now it sees declines in its betting revenue while states are hitting record highs.

Of course, Nevada has been allowing sports betting much longer than other states, but the fall is always a big time of the year for sports betting thanks to football. Now, the state is struggling to keep pace with the previous month.

However, the Silver State did help reach another national milestone in the U.S. sports betting industry. After Nevada posted its November numbers, the U.S. has now seen $3.07 billion bet for the month. Illinois is the last state to report November revenue, which could help it top $3.5 billion in November.

Nevada by the Numbers

Nevada did not have the best November. The calendar did not help the Silver State as there was no NBA, or NHL betting, which is normal this time. Over $500 million was bet on football, and the state could hold 11.5% for the month, which is high for a single month.

The hold for the month was over 10%, but even with the high number of winnings for the month, the betting was down for November. This is the highest the hold has been since August 2017. The Silver State also recorded revenue at $61.8 million for November and collected $4.2 million in taxes.

One thing to watch with the Nevada betting reports will be with mobile betting. The Silver State, specifically Las Vegas, was slow to transition to mobile betting. States like New Jersey, which took a stronghold over the sports betting market.

If Nevada adopts mobile betting, then it could take back the spot as the top sports betting state in the U.S.

Is Nevada No Longer the U.S. Sports Betting Leader?

The pandemic has really hurt Nevada in the gaming industry. It has allowed states like New Jersey to take over as the market leader with limited mobile gaming options.

However, Nevada could adopt mobile betting and allow more registration for mobile sportsbooks to help this problem. In October, mobile betting was around 50/50 compared to in-person betting. Although the mobile vs. in-person reports were not available in November, the Silver State will want to see mobile betting higher as the country still tries to get through the pandemic.

There is a chance that Nevada returns as the number one betting leader in 2021. The state relies heavily on tourism to grow its business, making sense why it has not really adopted mobile betting. However, once the U.S. can get through the pandemic, Nevada could see huge growth that is lost from COVID.

Nevada’s long-term growth is still yet to be determined, but if tourism can return to normal levels sometime in 2021, it would not be surprising if the Silver State started reporting consistent growth next year.