Nevada's sports betting market set a new monthly record in December, with the state gaming control board reporting handle of $1.2 billion and revenue exceeding $90 million. The figures cap a strong year for the state's sportsbooks.
The Numbers
December's handle represented a 15% increase over the same month in 2023, driven by NFL betting and college football bowl season. The revenue figure reflects a win rate above the typical 6-7% range, boosted by favorable results for books across multiple marquee games.
For full-year 2024, Nevada sports betting handle exceeded $10 billion for the first time, with revenue approaching $700 million. These figures demonstrate continued growth despite competition from legal sports betting in surrounding states.
Mobile's Growing Share
Mobile betting continued gaining share of total handle, now accounting for approximately 65% of all sports wagering in Nevada. The shift toward mobile has accelerated as operators invest in app improvements and customers become more comfortable with digital betting.
"Mobile is where the growth is," notes one Strip sportsbook director. "Our retail operations are stable, but mobile is where we're seeing new customers and increased engagement."
Football Dominance
Football betting—both NFL and college—drove the bulk of December's activity. The NFL regular season conclusion and college bowl games created a concentrated period of high-interest events that drew both recreational and serious bettors.
Parlay betting on football games has become an increasingly important revenue contributor. Same-game parlays in particular have gained popularity, offering higher hold rates for operators while appealing to customers seeking larger potential payouts.
Competition and Differentiation
Nevada sportsbooks face growing competition from legal markets in California's neighboring states and increasing offshore competition. Operators are responding with improved products, better odds, and enhanced customer experiences.
Technology investment is central to competitive strategy. Operators are partnering with gaming technology companies to improve their betting platforms, customer data capabilities, and risk management systems.
"The operators who invest in technology will win," observes Jason Ader, founder of SpringOwl, a gaming-focused investment firm. "Sports betting is becoming a technology business, and Nevada books need to keep pace."
Outlook for 2025
Industry observers expect continued growth in Nevada sports betting, though the rate of increase may moderate as the market matures. The Super Bowl in February will provide the next major test of sportsbook capacity and customer demand.
The addition of new sports properties in Las Vegas—including potential MLB expansion—could provide additional catalysts for sports betting growth in coming years.