There is no better time than now to start a bookie business in 2024. Betting markets across the country are reporting better year-on-year numbers in revenue, and Nevada sportsbooks see the same trend this May. In fact, year-on-year numbers for the betting handle dips, but revenue increases.

This sounds confusing, especially for those who are new to the industry. But it’s not uncommon for sportsbooks to see less wagers but still declare higher revenue. Conversely, sportsbooks can also see a huge jump in handle, but report lower revenues. This is what is happening with the year-on-year numbers for Nevada. We’ll look at their report and break it down for you.

Nevada Sportsbooks See Confusing Numbers in May

Nevada Sportsbooks See Better Revenue Numbers in MayAccording to the latest report from the Nevada Gaming Control Board, the state’s sportsbooks have a total monthly handle of $515.1 million. The half a billion handle is remarkable but is slightly lower than the same month of last year by 2.3%. It is also 9.4% less than April’s handle. This is the third straight month that the handle has gone down.

The dip in handle is in line with the typical decrease we see from a less busy sports calendar in the US. The numbers generally pick up just before football season starts. You can check your sportsbook software for the available sports people can bet on at any given period. What’s important is that sportsbooks are earning well.

Revenue in Nevada Betting is Good

Nevada Sportsbooks See Better Revenue Numbers in MayAs mentioned earlier, the direction of the handle and revenue are not mutually exclusive. Even with lower handles, sportsbooks earned more in May. The revenue for the month is 436 million. This is 19.8% higher than that of May 2023. This brings the total year-to-date handle of $209.2 million up by 5.6% from the same period last year.

The hold percentage is at 6.99%. While generally, we would like to see the hold reach the double digits, it’s still better than April’s 5.4% win rate. It’s also higher than May 2023’s hold of 5.7%.

Where Wagers Come From

If we are looking at the ways in which people place their wagers, online sportsbooks account for $351.2 million of the total handle, plus 68.2% of the revenue for the month. You can also use the best bookie pay per head software to generate your sportsbook’s numbers, even which sports your players bet on.

For Nevada, the NBA and NHL playoffs were a huge contributor to the handle. Basketball betting has a $183.8 million handle, with a 9.3% hold, producing $17.2 million of the revenue. Meanwhile, hockey betting took in $42.5 million in wagers. The 8% hold gives operators a $3.4 million revenue for the sport in May alone. Baseball betting is also popular, with a $16 million handle. The hold is more modest at 5.5%, but it still gave sportsbooks $11.1 million in revenue. Other sports like tennis, soccer, racing, MMA and more contributed $7.8 million in revenue from a 9% hold.

 

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