Nevada Sets New Sports Betting Record
The entire sports betting industry has grown throughout the United States in 2020, and a number of states have been shattering records each month.
Nevada has finally joined that group after posting some huge numbers during October.
Sports betting handle reached more than $660 million during the month of October, shattering the previous record that was set in November 2019. The previous record was just $614 million, meaning the new record was 7.5 percent higher than what was posted just 11 months ago.
What is even better news for Nevada is that the October total was up almost 15 percent from the $575.1 million reported in September. As more retail sportsbooks begin to reopen across the state, the totals in November could climb even higher.
Sports betting revenue came in at $42.4 million during October, which equates to a 6.4 percent hold. This revenue will help the state recover from the COVID-19 pandemic that halted the entire gaming industry in Nevada.
Football led the way in terms of the most popular sport to bet on, bringing in more than $441 million in total handle. The Big Ten Conference began play during October, and the entire National Football League is in action.
Baseball handle jumped over 33 percent year-over-year as that sport accounted for $110.7 million during October. The Major League Baseball playoffs helped boost the numbers, but betting on the Korean Baseball Organization (KBO) has become a popular market as well. Betting on baseball is proving to be a hugely popular sport in the US.
Basketball accounted for $37.1 million last month as the NBA Finals were wrapping up. Normally this month sees the beginning of an NBA season, but the league has had to adjust its calendar due to the pandemic.
Mobile Handle Still Falling Short
Mobile handle accounted for 57 percent of the total during October, which was a slight increase over September. The mobile handle in September accounted for 54 percent of all wagers, while the month of July set a record with 69 percent of the bets coming from a mobile sportsbook app or mobile site.
Nevada still requires in-person registration when creating a sports betting account, and that has kept the mobile betting numbers to a minimum. Most of the retail sportsbooks have been shut down due to the pandemic, and this has kept the mobile numbers from growing.
The Nevada Gaming Control Board was to hold a meeting this month to discuss remote registration, but that meeting was canceled.
New Jersey Now the Clear Leader
Nevada might be setting new monthly records, but it is no longer the leader in the sports betting industry. New Jersey continues to set new industry records, and it is now the clear leader throughout the United States.
The October sports betting handle in New Jersey came in at $803 million, which was almost 18 percent higher than the Nevada numbers. It hasn’t taken New Jersey long to become the leader, and Pennsylvania is getting close to passing up Nevada as well.
New Jersey’s mobile betting accounted for more than 93 percent of the wagers placed in October, and remote registration is a big reason for those numbers.
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