Nevada sportsbooks set new basketball handle record but revenue falls

Nevada casinos suffered a 3% gaming revenue drop in March as sports betting revenue fell nearly by half.

Figures released Thursday by the Nevada Gaming Control Board showed statewide gaming revenue of $922.3m in March, compared to $951.2m in the same month last year. The slide was slightly higher on the Las Vegas Strip, which declined 4% to $486.8m.

The most glaring number in the report was at the state’s licensed sportsbooks, which saw revenue fall nearly 48% to $9.6m as hold dropped to a piddling 2.11%. The numbers were further skewed by the fact that March 2015’s figure was 44% higher than the year before. Regardless, it spoiled a string of strong performances by the state’s sports betting operators.

The NCAA March Madness tourney helped generate a new record basketball handle of $422.2m but roundball revenue was down 23% year-on-year to $21.5m. Here too, comparisons hurt, as this past month’s 5.1% hold couldn’t hope to match March 2015’s record 7.44% hold.