Nevada March gaming win tops $1bn, sports betting handle soars to $641m

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Nevada March gaming revenue was $1.07bn, a 73% year-on-year increase from March 2020 when casinos closed due to the Covid-19 pandemic.

Win was significantly up from February’s haul of $772m.

March revenue was Nevada’s highest since February 2013 according to Gaming Control Board analyst Mike Lawton. The last time the state topped $1bn in gaming revenue was February 2020.

Las Vegas Strip casinos reported win of $502m, a 67% jump y-o-y. Downtown Las Vegas won $71m, good for a 63% improvement.

In much of the state revenue was up triple figures from a year ago. Washoe County, home of Reno and North Lake Tahoe, reported win of $83m for a 153% increase, while South Lake Tahoe won $24m for an improvement of 166%.

Nevada collected $97m in percentage fees for the month.

It was also a stellar month for sportsbooks, which collected $641m in handle generating revenue of $39.3m for a 6.1% hold.

March produced the third-highest handle in state history and pushes US sports betting handle past $50bn since the repeal of PASPA in 2018.

Basketball was responsible for $502m of wagers last month, with the vast majority bet on the NCAA Tournament. Basketball handle was up 1.3% from March 2019, which indicates that the presence of additional sports betting markets did not Americans from traveling to Las Vegas for March Madness.

Mobile handle was $385m in March, amounting to about 60% of total wagers. Retail sportsbooks collected another $256m in handle.

Nevada’s mobile handle continues to trail other top markets like New Jersey and Pennsylvania, which both saw online wagers account for more than 90% of total handle last month.

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