Nevada Sports Betting Recovers in May With $1.23b in Winnings
Nevada is finally showing signs of recovery after the health outbreak halted its sports betting proceedings. The state garnered over 1.23 billion dollars in May alone via game winnings. The number was up by 18.3% since April, but the calculation was a bit complicated.
May packed five weekends, with one of them being the 3-day Memorial Day. That is why the numbers do not indicate immense growth. However, Nevada’s betting sector is gradually recovering from the effects of the health outbreak. The majority of the dining, gaming, retail, and drinking businesses have started functioning at full capacity since 1st June.
Las Vegas attracting a fun-seeking crowd is not new, but the previous year significantly reduced its profitability prospects. However, with the sports betting sector in Nevada increasing to 477.2 million dollars, things are starting to get normal.
Generally, May is not considered the best month for businesses. It was evident by the fact that most jurisdictions noted an average earning in the month. The only exception was New Jersey, where the numbers grew by 9%. However, the state is also considering legalizing college betting, which played a big role in its growth.
Another reason behind an average performance in May is the upcoming football and NFL seasons. Since college basketball tournaments also ended in March, bettors were not extremely enthusiastic during May.
Mobile Betting Experiencing a Surge
Despite Nevada and New Jersey scoring similar numbers recently, the states performed the opposite on the mobile usage front. Currently, almost 62% of Nevada’s total betting handle is from mobile accounts. While the number is impressive, it is not much in front of New Jersey’s 90% handle from mobile accounts.
New Jersey has always been consistent in drawing mobile users to the betting sector. A big reason behind it is its support for online registrations. Nevada requires users to go through a physical registration process. So, it is no surprise that Nevada is scoring lower digits on online betting.
Another reason behind Nevada’s lower online numbers is Las Vegas’ retail sportsbook industry. Vegas is renowned for its casinos as it offers convenient and popular gambling services. So, this allows Nevada to have a considerable amount of bettings through offline casinos. Conversely, New Jersey houses a sportsbook in Atlantic City only, forcing bettors to take the online route.
Nonetheless, Nevada finally recuperating from its low winnings trend is a good sign. As the states recover from the pandemic, the sports betting industry is expecting an unprecedented surge in the second half of 2021.