Nevada’s sports betting sector has remained in decline for the second year in a row, reaching its post-PASPA low. As a result, sportsbooks kept roughly $2 million less than they did the previous year.
A Weaker Super Bowl for Nevada’s Betting Industry
Preliminary figures by the Nevada Gaming show that bettors placed $133.8 million in bets on the final game of the NFL season, which culminated with a clash between the Seattle Seahawks and the New England Patriots.
Despite the high anticipation, data shows that the betting handle represented an 11.7% drop from the previous year when players bet $151.6 million on the event. The only lower handle was recorded in 2016, when players wagered $132.5 million on the Super Bowl.
Even the post-PASPA and mid-COVID figures showed higher results, suggesting a decline in the sector.
Further data shows that the hold rate stood at 7.4%, resulting in revenue of $9.9 million, compared to $12 million in 2024.
The Growth of Betting and Emergence of Prediction Markets Affected Nevada
Experts attributed the decline in Nevada wagering to a variety of factors, including the expansion of wagering in other states and the legalization of sports betting in new ones.
Some suggested that the rapid growth of the prediction markets sector has also undermined legal operators, as analysts suggested it might. Instead of navigating the complex betting regulatory landscape, prediction markets are effectively available nationwide, making them easy to access and engage with.
Nevada, in particular, has been one of the biggest opponents of the prediction markets sector, arguing that it constitutes unregulated betting. Local regulators have been trying to crack down on the sector for a while, remaining adamant in their position.
