Nevada’s Sports Betting Profits Fall Behind New Jersey for First Time in January

Mar 01, 2019 12:28 PM EST
Credit:

Inside the Fanduel Sportsbook. Courtesy of Matthew Foley

  • Nevada sportsbooks had a down January, taking in just $14.6 million in revenue -- a 40% drop from last January -- despite a record betting handle.
  • The Silver State actually fell short of New Jersey's sports betting revenue ($18.8 million) in January despite 29% more action.

Nearly $500 million was bet on sports in Nevada in January, according to numbers released Thursday by the Nevada Gaming Control Board.

Despite potential competition from seven other states that have now legalized sports gambling, the total money bet ($497 million) was up almost 19% from last January’s numbers ($418.6 million) and counts as a state record for the month.

Although New Jersey seems to be trending to be roughly 40% of Nevada’s total sports gambling market for the year, Nevada only had 29% more money bet in January.

Nevada had more than $100 million bet on sports than New Jersey in January ($385 million), but New Jersey actually brought in more money than the Nevada for the first time.

The state’s profit for the month was $14.6 million, a more than 40% drop from last January, compared to New Jersey’s revenue of $18.8 million.

The win rate for the Nevada operators was an abysmal 2.9% compared to a 7.8% win rate the month before.

To put that number in perspective, the average win percentage for sportsbooks, over the past 35 years, is 4.8%, according to the Center for Gaming Research at UNLV.

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