Last updated on December 1st, 2023 at 05:31 pm
In the latest sports betting news, sports betting in Nevada continues to benefit from a busy sports calendar. October marks the second straight month that the state’s sportsbooks have recorded $60 million or more in gross revenue (GGR). If you are looking to learn how to open a sportsbook, this should be enough motivation for you to get started as soon as you can.
According to the Nevada Gaming Board, sportsbooks in the state have a $68.1 million revenue for October. This is 9% higher than September’s $62.3 million. This is the first time that the state is seeing back-to-back revenues for sports betting hitting the $60 million mark- a remarkable feat giving us the third-best revenue number since sports betting launched.
Sports Betting in Nevada Pushes Betting Activity and Revenue
The total monthly sports betting handle for the month of October is at $815.6 million. This is actually lower than the same period in 2022, which was around $920.8 million. However, betting activity is not the sole factor in determining how successful your sportsbook is. If your sportsbook software has this feature, you can compute for the hold percentage of your sportsbook, and generate your revenue numbers. If your software does not have that feature, then these Pay Per Head bookie reviews can help you find one to use.
For instance, in Nevada, revenue is up year-on-year by 19.8%, despite the 11.4% decrease in handle. The hold percentage for sportsbooks in the state is at 8.3%, which helps increase revenue for sportsbooks. Online sportsbooks account for $35.1 million of the revenue, with $537.2 million of mobile wagers. The PricePerPlayer.com Pay Per Head Solution will have the tools to help you identify your total numbers, and break it down per event, per sport, or by date.
Much of the credit really goes to the very busy football calendar. Naturally, majority of the revenue come from football betting. For October, both pro and college football represent $48.3 million of revenue. Baseball is a popular sport as well, with the playoff month in October. Basketball and hockey are also popular. Sports betting on auto racing may also increase in the next month with the Las Vegas Grand Prix.
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