“Nevada’s $56. 9 million profit in sports increased 17. 7% compared to the prior year due to the retention function from 4. 9% last year to 6. 2% this year,” said Michael Lawton, senior economic analyst at the NGCB.
The effects of Nevada sports betting in October were mixed, as revenue rose from last year. . . but the handful declined, according to figures released through the Nevada Gaming Control Board (NGCB).
First, smart news: Revenue from online sports sites and retailers in October was $56. 9 million, a 17. 7% increase over the same time last year. Michael Lawton, senior economic analyst at NGCB, attributed a higher smart fortune rate to the building up in revenue.
“The $56. 9 million gain in Nevada sports increased 17. 7% year-over-year due to retention percentage performance, from 4. 9% last year to 6. 2% this year,” Lawton told Covers.
October marked the consecutive time when revenue topped $50 million, following September, which posted revenue of $70. 6 million.
The state, which collected $3. 8 million in taxes, announced a handful of sports bets for October of $921 million.
That’s down 16. 3% from October 2021, when the handful of $1. 1 billion (the first time Silver State hit that benchmark), but the figure is still higher than September’s figure of $760. 8 million.
“While volumes declined year-over-year for Nevada sports betting, it’s worth noting that last October, the first month, the state recorded over a billion dollars in sports betting, making the comparison very complicated,” Lawton said. Result: counterfeited month with 920. 8 million dollars in bets, but a very complicated comparison was lost. “
Unsurprisingly, school and professional football were the big winners in October.
The handful for the two sports, which the state doesn’t separate, $607. 4 million, down 18. 1% from the $728. 6 million in October 2021, but a big jump from the $481. 7 million in bets placed last month.
Baseball follows with $114. 7 million, down from $192. 8 million in September, while basketball rebounded in October with the start of school and NBA seasons: hoops reached $79. 22 million, a big drop of 151% from October 2021.