Author: Dean Carr
Last Updated: March 31, 2022
There have been a number of states across the nation to report a drop in the overall sports betting handle for the month of February — and one of the biggest betting states has become the latest to announce a dip in numbers.
Sports betting activity has decreased in Nevada for the month of February, having taken a 29.6% hit on the previous month.
February’s handle totaled $780.8 million, having previously stood at $1.1 billion for January 2022. It is the first time that Nevada sportsbooks have recorded a handle of less than $1 billion since September 2021.
However, the rise in interest and activity is highlighted by the fact that they have seen a 40.9% year-on-year rise from $554.1 million in February 2021. In terms of the mobile handle, it was down 34.9% from January’s total of $786.8 million, with $512.4 million being wagered in the month of February.
The overall revenue stood at $30.9 million, representing a decrease of 38.2% from the $50 million revenue that was enjoyed in January. It was also a 2.9% fall on the $31.8 million that was recorded 12 months earlier.
Football took in $181.9 million worth of bets thanks to the Super Bowl, as the Los Angeles Rams defeated the Cincinnati Bengals at the SoFi Stadium. Only having one NFL game in the month of February — albeit the biggest that there is — will no doubt have contributed to the overall drop in the handle. January was a month filled with 12 NFL Playoff games.
Basketball was the most bet on sport for the month of February, contributing to more than half of the overall handle at $456.3 million. That total is likely to increase in the following month thanks to March Madness betting interest, which is one of the biggest sporting events on the calendar.
Despite the dip in sports betting numbers, there was plenty to be positive about with regards to the Nevada casino numbers. The state took in $1.1 billion in February, with just under $59 million coming from casino taxes, which was a boost of 34% from the previous year.
The figures also ensured that Nevada has now enjoyed a full year of more than $1 billion coming from casino play.