Nevada’s sports-betting handle in October dipped from its record $571 million in September to $528 million.
In addition, its October revenue was savaged. In a good month for its football punters, Nevada’s sport betting revenue was cut by half from September’s record $56m to $29m.
But if the USA’s long-time betting capital was down in October, it was certainly not out.
For the second successive month of football betting, Nevada out-sold sports betting in New Jersey by a fair margin. Its October handle kept it $40.1m ahead of the Garden State’s record $487.9m for the same month.
When it came to revenue, however, New Jersey’s 19 online sportsbooks were the clear-cut winners
For while Nevada sports betting revenue in October plummeted by 50% to $29m, New Jersey’s soared.
New Jersey sports betting revenue climbed 22%
It climbed 22% from $37.9m in September to $46.4m in October – and that’s something that could wipe away Nevada’s smiles. At the end of the day they say, it’s the bottom line that counts.
But getting back to Nevada’s handle in October, we note that punters placed $74m on the MLB’s playoff and the World Series. It was also notable that their sports books had an 11% win of $8.2m in baseball.
The first few weeks of the basketball season brought in $51.6m with an 11% hold by Nevada’s sportsbooks of $8.2m.
In types of bets taken, Parlays, as always, far outstripped the rest. Parlay betting is high risk for the punter. However, because it offers huge rewards for small stakes it attracts a lot of bets and generally helps balance the bookies books
Nevada’s sportsbooks in October held on to more than 25% of their parlay betting handle. They won $2.7m from their $10.7m in bets taken.
