(Robert Davis) – Sports betting in Nevada continued its month-over-month growth as $646.7 million was wagered in January.
The amount represents a 10% increase compared to December’s $588.5 million betting handle, according to sports betting website Odds.com. The Silver State also reported a 29.1% increase in betting revenue, up to $52.4 million to start 2021.
In return, Nevada collected $3.5 million in taxes, an increase of over $700,000 from December.
Basketball led all sports with $293 million wagered. Football came in a close second with $288 million wagered because of the NFL playoffs and college football’s New Year’s Six bowl games, the website said.
More than half of all wagers placed came from mobile devices, according to Odds.com.
While the month-over-month revenue increase is a welcome sight for the gaming industry, monthly win percentage and fee collection totals are still significantly below 2020 levels, according to the Nevada State Gaming Control Board.
Large casinos have been hit especially hard during the COVID-19 pandemic. Nevada’s non-restricted gaming licensees reported a total “gaming win” of $761,847,813 for the month of January 2021, a 26.58% decrease when compared to January 2020 when The Silver State collected over $1 billion in total wins.
Similarly, gaming revenue is down in tourist destinations like Las Vegas. Gaming revenue on The Strip was down 43% in January 2021 when compared to January 2020, the Gaming Control Board reported.
Alongside the gaming wins, Nevada collected $46,285,795 in percentage fees during February 2021, a 36% decrease from February 2020.
Robert Davis | The Center Square contributor