Sports Betting in Nevada Sets Record at $8.7 Billion in 2022

Sportsbook provided some interesting results for Nevada sportsbooks in December and overall the Nevada gaming industry continued to flex its muscles.

The range of bets on sporting events was down compared to November 2022 and compared to the same month last year revenues shot up.

But for all of 2022, total Nevada sports betting revenue was a record $8.7 billion, up 6.8% from 2021 (about $8.15 billion); in the previous year, the industry was still feeling the negative effects of the COVID-19 pandemic on visitor traffic. For the year, total sports betting revenue was nearly $446.7 million, up 6.9% from 2021 ($417.91 million). In 2022, the sports betting hold was a relatively typical 5.13%.

In terms of monthly sports betting, the total for December was about $880.4 million, down 5.2% from November ($929 million) month-on-month and down about 13.3% from December 2021 (approximately $1 billion).

Nevada Sportsbook, December vs. November

total grip Mobile handle revenue
December $880.380M $603.066 million $55.204M
November $929.046 million $641.688 million $37.671M
To change down 5.2% down 6.0% 46.5% increase

Sports betting revenue is increasing in Nevada

However, sports betting revenue for the last month was just over $55.2 million, a 46.5% increase from Nevada’s November betting revenue of $37.67 million. The last month was also 245.9% higher year-on-year compared to December 2021 ($15.96 million).

The December 2022 hold wasn’t particularly exceptional at about 6.3%, but for the state’s sportsbook it was far better than the previous month (about 4% hold) and the same month in 2021 (an extremely low 1.6 %).

Mobile sports betting processing accounted for 68.5% of total processing in December. Mobile wagering revenue of $603 million in the final month of 2022 was down 6.0% from November ($641.7 million) and 21.2% from 12 months earlier ($765 million). .

Nevada does not allow online registration for sports betting apps, a policy that impedes online sports betting activity. Also, despite the state not having the best online casino options, the appeal of physical sportsbooks in Las Vegas attracts a large amount of tourist betting action as well as some local gamblers.

By sport, football was the top performer in December with $481.83 million in wagering, followed by basketball with $271.32 million in wagering.

Overall industry healthy in 2022

Despite major economic problems such as inflation, the overall Nevada gaming industry continues to thrive.

According to the Nevada Gaming Commission, December’s total gaming winnings were over $1.31 billion. Of that, nearly $814.2 million was generated on the Last Vegas Strip. Downtown Vegas casinos generated $66.77 million in revenue.

Total December gaming revenue increased by 14.3% over the same month in 2021, and December 2022 was the 22nd straight month in which gaming revenue reached the billion dollar mark.

Nevada ended 2022 with $14.84 billion in total gaming revenue, a record for the Silver State.

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