Nevada Sports Betting Sees Big Drop
Nevada was once the only online sports betting market in the United States, and that monopoly allowed this market to continue to grow. That is no longer the case in 2022 and the June sports betting report shows that this market is heading in the wrong direction.
The monthly sports betting totals were expected to dip a bit in June as this is always a month with a slow sports betting calendar. The most surprising part of this report though was the fact that the handle dropped by 10% from the June 2021 totals.
Nevada sportsbooks posted a total sports betting handle of $490.4 million in the month of June, marking the first time the state went below $500 million since August 2021. Earlier this year Nevada posted a total sports betting handle of $1.1 billion and things have been on the decline ever since.
The total sports betting revenue in the month of June was $23.8, and the hold rate was just under five percent. While the revenue did fall a bit from the $27 million in revenue in May, but the hold rate was actually slightly better.
Baseball posted a total sports betting handle of $294.8 million, and sportsbooks won 5.3% of those wagers. Hockey brought in just $25.8 million in betting action in June, but sportsbooks won over 15% of those bets.
Bettors Starting to Favor Mobile Apps
Most of the states that have both online and retail sports betting available see most of the action being done on a mobile sportsbook apps. Some states repeatedly see more than 90 percent of the total bets coming in online, but that hasn’t been the case in Nevada.
This has started to change a bit of late as mobile sports betting accounted for 67% of the total handle. Nevada still requires in-person registration which keeps mobile betting down, and there are no online only operators in the state.
Biggest Markets Seeing Biggest Drop
It’s highly unusual for states to post lower sports betting handle totals compared to the previous year, but that trend has emerged in June. Nevada is one of three of the biggest U.S. sports betting markets to see a pretty significant year-over-year decline.
New Jersey is now the second-largest sports betting market in the United States, but it posted a total handle of $633.2 million for June. Sportsbooks in New Jersey saw 17 percent less action in June 2022 as what was brought in during June 2021.
Pennsylvania is another state that saw a year-over-year decrease, but it wasn’t as severe as some of the other markets. A differing sports calendar in 2021 due to COVID was part of the reason, but sports bettors are not getting in on the action as much in 2022.
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