LAS VEGAS, NV – MARCH 15: Jake Sindberg of Wisconsin makes bets during a viewing party for the NCAA … [+] Men’s College Basketball Tournament inside the 25,000-square-foot Race & Sports SuperBook at the Westgate Las Vegas Resort & Casino which features 4,488-square-feet of HD video screens on March 15, 2018 in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images)2018 Getty Images
Advocates for regulated sports betting were pleased to see New Jersey push ahead of Nevada in overall money wagered and total winnings in May 2019, signaling that Nevada was no longer alone as the sports betting capital of the United States.
Despite being a traditionally slow month for sportsbooks, June revenue reports saw Nevada reclaim its title as the state generating both the largest handle and winnings.
With Nevada’s overall handle coming in just over $322 million, the Silver State not only out paced New Jersey and their $273 million handle, but did so in their busiest June on record.
Despite June’s record topping handle, Nevada’s overall winnings of $16.6 million fell shy of last year’s $20.2 million mark.
A total of $208 million was wagered on Major League Baseball leading to $11.6 million in profits and, despite being down over 8% from last June’s baseball winnings, accounted for the majority of Nevada’s monthly earnings.
This year’s NBA Finals did see an increased interest from Nevada bettors, with over $51 million wagered this June compared to the $32 million wagered on 2018’s Warriors-Cavaliers matchup.
While MLB wagers saw 5.5% of the overall handle in profits, this year’s NBA finals yielded a weak 1.8% profit margin, good for $946,000 in total revenue out of the $51 million wagered.Recommended For You
The 2018 NBA Finals performed similarly, generating $600,000 from the total $32 million wagered on what appeared to be an easy Golden State victory.
A combined handle of $60 million came in from less popular, fringe sports like hockey, tennis, and golf leading to a total of $4.6 in overall winnings.
Reports also reflect a decline in horse wagers, largely in part to the overall disinterest in this year’s Bellmont Stakes in comparison to the 2018 buzz surrounding Justify and his Triple Crown campaign.
Pennsylvania Poised To Become Next Sports Betting Leader
The fifth largest state in the country has recently adopted mobile sports wagering options, with the first apps going live May 31st. With four mobile options currently available, and more apps expected to launch over the summer months, online betting in Pennsylvania could see the state’s handle surpass that of New Jersey and Nevada both.
June revenue reports saw the state post its largest numbers since sports betting was first offered in November. Of the $46.3 million wagered in June, 40% of all money bet came from the newly released mobile betting platforms.
Pennsylvania not only trumps New Jersey and Nevada in terms of population, but also in its overall sports presence. The Keystone State houses numerous professional and collegiate teams, and with sports betting now more accessible to the general public, casual fans are likely to partake in the action.
With mobile sports betting seeing such a promising start in such a short time, Pennsylvania sportsbook operators and lawmakers have promising expectations for the upcoming football season.