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HomeSports LawNevada Sports activities Betting Deal with Stays Under $1 Billion In November

Nevada Sports activities Betting Deal with Stays Under $1 Billion In November

Nevada sports activities betting deal with fell in comparison with final yr for the fourth month in a row, in response to the November gaming report from the state.

Deal with — the entire cash wagered — hit $927 million in November 2022, a 14.5% drop from final November, although the state’s busiest betting month since January.

Sportsbooks held 4.06% of cash guess, their fourth worst month of the yr on that entrance thus far, in response to the month-to-month report. That translated to $37.6 million in Nevada sports activities betting income and $2.5 million in taxes, a 47% drop from the record-setting November 2021.

Solely New York and New Jersey reported increased handles for November 2022, amongst states to share sports activities betting income figures thus far.

Parlays take largest hit

Every sport took much less in bets and generated much less income than final yr, whereas parlays — usually the surest bets for operators — took the largest hit.

Sportsbooks solely saved 14.4% of cash guess on parlays, an enormous drop in comparison with final yr after they saved 54.8%. Parlays attracted simply over $7 million in deal with, down $1 million from final yr, whereas soccer and basketball led the best way with $516 million and $261 million in deal with respectively.

The Houston Astros successful the World Sequence proved a troublesome hit for sportsbooks, particularly on futures bets. Baseball had by far the worst maintain share at -17.75% in November. Basketball had the second worst at 3.7%.

On-line betting accounted for about 70% of all wagers in Nevada.

Nevada sports activities betting deal with nonetheless excessive

November deal with was down in comparison with final yr in New Jersey and Michigan as effectively, whereas Pennsylvania and Tennessee reported increased totals year-over-year.

Regardless of much less betting over the previous 4 months, Nevada’s yearly deal with remains to be up about $700 million from final yr. Sports activities betting income is down $37 million.



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