The sports betting revenue for February on Thursday as Silver State sportsbooks found wins beyond Super Bowl LVIII.
Overall revenue was up January’s $782.8 million and is 6.3% lower for the first two months of 2024 versus last year.
Sportsbooks across the Silver State combined for a 6.7% hold, the first time win rates have been 6.5% or higher for three consecutive months since November 2020 to January 2021. The state collected more than $3.2 million worth of tax receipts for February, and the $7.6 million garnered in the first two months of 2024 is $1.4 million ahead of last year’s pace with revenue up 22.8%.
Football revenue beyond the Super Bowl 5k4132
Overall sportsbook winnings from the gridiron totaled $12 million, a year-over-year increase of 27.2%. The overall football handle of $190.8 million was an all-time high in February and up 24% from February 2023.
With football wrapping up, basketball took center stage. The $24.7 million in revenue represented more than half of February’s total as the house had a 6.4% hold against $388.1 million worth of wagers. While handle was practically flat year-over-year, revenue climbed 13.6% higher as the win rate was nearly eight-tenths of a percentage point better this year.
The catch-all “other” category, which includes golf, tennis, soccer, boxing, mixed martial arts, and auto racing for the NGCB’s monthly release, provided $7.7 million in winnings to the house as they notched an 8.6% win rate from $89.6 million handle. That was a 61.5% increase in revenue, boosted by a hold 1.6 percentage points higher as well as a 31% bump in handle.
A middling February for the defending Stanley Cup champion Vegas Golden Knights — who were 4-5-1 for the month — may have contributed to a 10.4% win rate for hockey wagers as operators kept $4.3 million of the $41.8 million wagered. Year-over-year revenue, however, was down 16% as the 2023 hold for hockey was a more robust 11.6%.
Sportsbooks were still paying out winning baseball tickets, with the net loss for February $929,000 above the $1.9 million in wagers placed. The nearly $2 million in losses for January and February is $777,000 more than the same span in 2023 despite a 90% rise in handle.
Vegas is still a sports destination 1i2tf
The $288.4 million retail handle represented an increase of 12.2% from February 2023 but also a 5.2% rise from January. In-person wagering ed for at least 40% of the monthly handle for the first time since July 2021, with operators attaining an 8.4% win rate to collect $24.2 million.
Wagering via sports betting apps totaled $423.4 million, a 5.3% increase from 12 months prior. Online sportsbooks crafted a 5.6% hold while winning $23.8 million, and it was the fifth time in the last eight months the mobile hold sured 5%. The overall online win rate since the NGCB began publishing monthly figures in January 2020 is 4% against almost $20 billion handle.
