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Nevada sportsbooks starts 2021 on the right path

Nevada and New Jersey are already battling it out for top spot in sports betting handles

Nevada's total gaming revenue for January, including all types of products and services, amounted to $761.8m, a 11.4% increase from December 2020.

However, when we compare these results to the same month in 2020, the state experienced a 26.6% decrease.

The revenue breakdown

Slots were responsible for $526.5million of the total revenue, down 26.7% from January 2020.

Table, counter and card games revenue amounted to $235.4million - down 35.6%
Table, counter and card games segment's sportsbooks recorded returns of $52.4million - up 159.9%.

Blackjack revenue generated $55million - the highest contributor when it comes to table, counter and card games.

Nevada sportsbooks start strong 2021 - SiGMA NEWS

Sports betting was one of the only products that recorded a year-on-year increase and came in second to blackjack in relation to revenue contribution for the table, counter and card games segment.

Furthermore, basing calculations on an 8.10% hold, the estimated stakes for January 2021 totaled $646.7million with an increase of 28.7%.

Out of the $646.7million, mobile sports betting was responsible for $363.7million and the total revenue amounted to $23.1million.

This is not encouraging new for Nevada, as New Jersey recorded revenue of $82.6million and a sports betting handle nearing $1billion for the month of January - $948.7million.

However, the $948.7million represents a month-on-month decline as December 2020 saw New Jersey record an impressive sports betting handle of $996.3million.

New Jersey had previously taken top spot from Nevada for sports betting handle in 2020 and within the first month of 2021, New Jersey has already created a substantial gap.

During January, football was the number one ranking sport among punters in Nevada with the total handle amounting to $288.4million and revenue of $25.6million.

The Las Vegas strip has also experienced a year-on-year decline of 43.8% with a recorded revenue of $321.5million, less than half of the total revenue of Nevada.

From $321.5million, slots accounted for $178.7million and table, counter and card games amounted to $142.9million.

This slow start will definitely not help Nevada's case in claiming the top spot for sports betting handles in 2021.

New Jersey has already built quite a gap and if continues throughout the year, the gap between the two states will be larger than the $2billion gap of 2020.

Source: IGBNorthAmerica

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