November wasn’t a record month for the Nevada sports betting industry, but the Silver State‘s results helped set another national record.
Total US sports betting handle officially eclipsed the $3 billion mark in November. The $609.4 million handle from sports betting in Nevada brought the month’s total reported handle to $3.07 billion, another first for the surging US sports betting market.
November’s total US handle could eventually top the $3.5 billion mark. Last month’s figures from Illinois sports betting have not yet been reported but the quickly growing market took $434.3 million in bets during October.
More Nevada sports betting details
Nevada’s handle dipped 7.7% month over month from the state record $660 million wagered in October.
Part of Nevada’s dip can be attributed to 2020’s unusual sports calendar. November usually includes both NBA and NHL games, though neither were in action last month.
That meant the vast majority of handle – $501.8 million, or 82.3% – was bet on football in November. Sportsbooks held an atypically high 11.16% on football for the month.
That led to an overall hold of 10.1% in November for sports betting revenue of $61.8 million, according to the report. It’s the first time hold topped 10% in the post-PASPA sports betting era.
Nevada’s mobile market share was relatively flat in November at 56.4% compared to 57.1% in October.
Where will Nevada’s industry rank in 2021?
It’s much too early to say with any certainty what the 2021 US sports betting market will look like. One of the biggest storylines will be how quickly new markets can ramp up and put pressure on more mature markets around them.
While Nevada will likely always be one of the top US sports betting jurisdictions, it might not always be second to New Jersey like it has been this fall. That spot could be taken by a more mature market like Pennsylvania, or a market that’s shown great early potential like Colorado, Illinois or Tennessee.
Michigan online sports betting and Virginia sportsbooks will also be in the mix, especially by football season. Both are expected to launch in January and each should have more than ten mobile sportsbooks available.