In September, Nevada sportsbooks experienced their most profitable month in 75 years, generating a record-breaking $80.9 million in revenue. This surpassed the previous record of $72 million set in November 2021. The success was largely attributed to the NFL schedule in Weeks 2 and 3, where sportsbooks “won almost every game” and saw twenty-six favorites lose outright, the highest total since 2002 for the season-opening month.
College and professional football accounted for 69% of the revenue total, with a $56 million contribution, marking the second-best result for the sport in the state’s history. Additionally, sports falling under the “Other” category, particularly UFC 306, also made a significant impact on the revenue figures.
However, the following month brought sportsbooks back to reality as only 15 favorites lost their NFL games, with most of them still managing to cover the spread. DraftKings even issued a caution to investors about the impact of “customer-friendly sporting outcomes” in its 2024 earnings update, leading to a downgrade in its revenue estimate for the full year.
Overall, September was a remarkable month for Nevada sportsbooks, setting a new revenue record and showcasing the profitability of the industry.