The sports betting revenue for June on Thursday as operators had a 213.7% year-over-year increase in winnings.
Sportsbooks in the Silver State avoided a second consecutive rough June as the Vegas Golden Knights failed in their quest to repeat as Stanley Cup champions.
The Golden Knights’ first NHL title in franchise history last year resulted in a $6.6 million loss in hockey bets and dragged the overall revenue to $9.5 million — the lowest monthly total in the post-pandemic era dating to August 2020.
The $481.6 million in handle for June was up three-tenths of a percentage point compared to last year, while the 6.2% hold was more than 4.2 percentage points higher. Wagering declined 6.6% from May, and revenue slacked 17.3% as June’s win rate was eight-tenths of a percentage point lower.
The state’s tax coffers saw an inflow of $2 million from sports betting in June, and the $16.1 million accumulated in the first six months of 2024 is $2.1 million ahead of the same period last year.
An Eight-Figure Swing In Hockey Revenue 73524j
Running June #SportsBetting handle by state
1 New York $1.48B
2 New Jersey $748.4M
3 Mass. $509.4M
4 NEVADA $481.6M
5 Penn. $464.5M
6 N.C. $398.3M
7 Maryland $384.7M
8 Colorado $350.4M
9 Tenn. $342.2M
10 Indiana $298.2M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 31, 2024
Much like NBA titles this June, Nevada counterparts had a similar boost from hockey wagering.
The $3.9 million in revenue represented a $10.5 million swing to the good from last year for operators. They also had a 15% hold statewide on $25.8 million in handle, the highest monthly win rate in the sport since a 20.4% mark was attained in September 2020.
Operators also had a notable year-over-year improvement when it came to basketball as revenue increased by almost $9 million from last June. The house paid out $328,000 above the $74.5 million in accepted wagers last year and regrouped to win $8.6 million while posting a 12.3% hold from $70.2 million in handle. That win rate is a monthly all-time high in the post-PASPA era, which started in June 2018 and the first in double digits since a 10.2% hold in June 2021.
Revenue from “Others” Offsets Football Losses 4d3b4s
Nevada sportsbooks continue to pay out winning football futures tickets from the previous college football seasons. Operators reported $2.1 million in payouts above the $2.5 million worth of accepted bets for June, raising the overall total of losses the last four months to $24.1 million with only $6.8 million handle generated.
Last year’s total losses on football bets from March through July were $24.3 million, but there was also $20.3 million wagered in that span.
Despite a fourth consecutive seven-figure monthly loss from football, the catch-all “other” category — which includes, golf, soccer, tennis, auto racing, boxing, and MMA — easily absorbed those payouts for sportsbooks as winnings there totaled a year-high $8.6 million. The $123.2 million handle — boosted by the European Championship — was an all-time monthly high in the post-PASPA era and just the third time that category exceeded $100 million in wagering.
Baseball provided the largest source of revenue at $10.8 million as sportsbooks had a 4.2% hold against $259.5 million in handle. Wagering, though, was notably lighter year-over-year: Handle declined 20.1% from last June, while revenue was down 25.4%.
Mobile Revenue Still Outpacing Retail 4ed5q
For the fourth straight month, Nevada’s mobile sportsbooks ed for the majority of overall revenue. Wagering done via mobile betting apps provided $16.8 million in revenue as the statewide hold was 5.3% from $314.4 million in handle.
Mobile sportsbooks have provided more than 60% of the $239 million in overall winnings through the first six months of the year — it has yet to sur 50% in any full calendar year since the NGCB began breaking out mobile statistics in 2020. The $144.2 million in mobile revenue through the first six months of the year is up 43.1% from last year despite handle receding 3.7% to $2.49 billion.
The hold from mobile betting has been above 5% every month this year, and the six-month streak is the longest since the NGCB has been publishing those figures.
