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Nevada revenue up 214% as Golden Knights fail to repeat
While revenue rose compared to June 2023, overall betting handle in Nevada is down slightly.
A few weeks ago, Colorado reported its monthly figures for June. The state saw a year-over-year increase of 206.5% in sports betting revenue. Recently, the state of Nevada released its numbers for the month of June, announcing its sports betting revenue was up 214% compared to June 2023.
What do the two states have in common?
Both states were home to a champion that was crowned in June 2023. For Colorado, it was the Denver Nuggets, who won the NBA Championship, while in Nevada, the Vegas Golden Knights lifted the NHL’s Stanley Cup.
Both teams entered this past season as realistic contenders to repeat as champions. In the end, both failed in their quests to go back-to-back. As a result, all of the winning bets that sportsbooks had to pay out in June 2023 to local champions were graded as losses in June 2024.
It’s no surprise that bettors look to back their hometown teams. When clubs go on long runs that result in championships, the liability increases for sportsbooks operating in that state. More people are watching the games and want in on the action. It can create bad months for sportsbooks, which Colorado and Nevada operators saw in June 2023.
The Golden Knights were the first team in the top four professional leagues to call Las Vegas home. They almost won the Stanley Cup in their inaugural season, losing in the Final to the Washington Capitals. That run had sportsbooks in Nevada shaking in their boots, as the team was 500-to-1 to win the championship prior to their first season. A $20 bet would have returned $10,000 had the Golden Knights won.
The city has loved the Golden Knights ever since. It was no surprise that sportsbooks in the state had a rough month when they won it all in 2023. They got some of that money back this past year, as evidenced by the 214% increase in sports betting revenue.
Nevada continues sluggish summer
While the revenue numbers increased year-over-year in Nevada thanks to the Golden Knights falling short, the overall sports betting landscape in the state has been quiet over the past few months.
The state announced its monthly betting handle for June was $481.6 million, which is down nearly 7% from May. Overall, Nevada has seen its betting handle numbers decrease for four straight months. That’s not uncommon at this time of year. However, a comparison to June 2023 will show that betting handle did not grow year-over-year.
Overall, the betting handle in the first half of 2024 is down 4.6%, compared to the first half of 2023. Revenue is up 15%, but a lot of that can be attributed to the 214% increase in June. Most states are reporting significant year-over-year growth, but that hasn’t been the case with Nevada. Of course, its sports betting market is more established than every other state, which might explain some of the numbers.
Baseball led the way in June for betting handle, with $259.5 million being wagered on MLB in Nevada. This was nearly 54% of the state’s betting handle for the month. The NBA saw a betting handle of $70.2 million, while the NHL received $25.6 million worth of bets in the state.
The NFL future bets already are beginning to be placed at sportsbooks across Las Vegas. The state’s operators accepted $2.5 million in futures bets in June for the upcoming season. That number will grow exponentially with less than a month until the NFL season kicks off.