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Nevada Sportsbooks Set Handle Record In October

Silver State Sports Bettors Wagered $659.9 Million Throughout The Month

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Nevada sports bettors wagered more in October than in any other month in state history as they wagered $659.9 million with Silver State sportsbooks, according to numbers released by the Nevada Gaming Control Board.

The record handle was up 14.7% from September’s $575.1 million and 21% year-over-year. The previous record was set in November 2019 when bettors placed $614.1 million on sporting events. Revenue stemming from the record amount bet was $42.38 million, which is good for a 6.5% hold.

Despite strong numbers from the sportsbooks, casino revenue is still plunging in the wake of COVID-19. Nevada casinos won $822.7 million from gamblers during the month, which represented a 19.5% drop year-over-year. The tourist-dependent Clark County took the brunt of that decline as the area witnessed a 23.57% fall with its $671.8 million in revenue.

The Las Vegas Strip generated $375.76 million in gambling revenue, which represented a 30.22% year-over-year dip. It was the largest percentage fall of any other area in the state but was an improvement over previous months as the prior three months all saw drops of nearly 40%.

Strip casinos depend on tourism, which has been down with the absence of midweek conventions. Near the end of October, MGM Resorts announced that they would start to bring some live entertainment back to the Strip, but the shows will have very limited seating and a socially distanced audience. Its impact on tourism won’t be seen until November’s numbers are released at the end of the year and are likely to be minimal.

North Las Vegas casinos experienced the second-worst drop of the state with a 26.6% fall and Boulder Strip was just behind that with a 24.77% decline. Downtown Las Vegas saw a 22.68% revenue dip.

Outside of Clark County, however, Silver State casinos are doing fine with no other area reporting a year-over-year loss. Casinos outside Southern Nevada are less reliant on tourism and cater more towards locals.

North Lake Tahoe posted a 21.98% increase in revenue, while South Lake Tahoe experienced a 10.87% jump after reporting $21.6 million in revenue. Reno casinos won $56.4. million from gamblers, good for a 6.08% increase.