In the latest bookie news, we are taking a look at one of the biggest sports betting markets in the US, Nevada. It is important to see and understand the general trends of betting markets near you, something you will learn early in top bookie tutorials. Summer is a particularly noteworthy season because the sports calendar is not as busy as previous months. And in months like these, factors like the hold percentage matters a lot. Let us take a look at the sports betting hold in Nevada, as well as its other numbers and see how the state fared in May.
First off, let us take a look at the sports betting handle for the sportsbooks in the state for the month of May. The handle sits at $527 million. While lower than the previous month, it is still significantly high compared to other betting markets across the country. If you are still learning the best way to become a bookie, make sure you study indicators like the betting handle, revenue, hold, and more.
Sports Betting Hold in Nevada, and Other Key Numbers
Aside from the handle, we are also seeing a decrease in month-on-month revenue in Nevada sportsbooks. There is a 7% decrease in revenue, at $30.1 million. The hold percentage, meanwhile, is at 5.7%. This is higher by 1.3% month-over-month, and 4.8% higher year-on-year for the month of May.
Historically, the win rate is pretty consistent for Nevada sportsbooks. But when you start comparing it to that of other betting markets across the country, you will see that sportsbooks are taking in less, as New York, Pennsylvania, New Jersey, and even Massachusetts report double-digit hold percentages in May.
Of course, as a pay per head bookie, you will be relieved to see that online sports betting still takes in the larger share of wagers at 67.9% of the total wagers. This is $358 million, and a good handle, but 10% lower than that of May 2022’s. It will be interesting to see the numbers for the next month, with the Vegas Golden Knights advancing to, and winning the Stanley Cup in June. Will this win give a higher handle, more revenue, or less for sportsbooks?
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