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Fiona Simmons January 1, 2024 2 min read
Nevada’s Betting Handle Dips in November 2023 but Profits Soar
Sportsbooks saw a smaller handle during the month of November but closed one of their best years in terms of hold and profits
The Nevada Gaming Control Board said the betting handle in November 2023 had reached $921.9 million, a notch down from the $928 million reported during the same 30-day period in 2022, but it was still a rather moribund result all things considered.
Nevermind the Sports Betting Lull, Profits Are Coming
November’s handle had indeed been slightly off the mark, but it didn’t do too badly for the actual sportsbooks that managed to retain the bulk of profits despite the trailing interest. Mobile betting generated 67.8% of the total wagers posted during the month, accounting for some $625 million, and still down by $17.5 million from November 2022, building on October’s success.
Yet, for all these lukewarm results and lack of growth, sportsbooks posted a 4.45% held percentage, or some $40.1 million. This was a strong gain on the 4.05% held posted in November 2022 and saw the companies stand tall despite the slightly suppressed betting interest.
Then, there was gaming, which continued to grow at a good pace. The Silver State reported some $1.3 billion collected, marking a 12.5% increase from the same 30-day period in 2022. Results in gaming have been steadily improving throughout the year for the company with The Las Vegas Strip once again leading the way in terms of total gaming wins, posting $821 million, a significant chunk of the total.
This has been the second-highest win that gaming venues in Nevada posted in the state’s history, with many analysts attributing this success to the Formula One fanfare and interest. Although the race did cause a lot of headaches, and many tourists and locals grumbled, the numbers released by the Nevada Gaming Control Board seem to contradict and rebuke that negativism.
Baccarat High Rollers Boost Gaming Results
In fact, the four-day period from November 16 through November 20 seems to have been particularly profitable, according to Michael Lawton, a senior economic analyst. Despite the rather uncomfortable organization and the disruption to the usual day-to-day of locals and visitors, Nevada had made the right choice.
However, the most significant gain may have come from high rollers with baccarat’s gaming proceeds growing by 78.6% during the month, indicating that many well-heeled gamblers have arrived to watch and have fun around the Las Vegas Strip.