Nevada Records Rise in March Betting Volume yet Decrease in Earnings
Vegas’ sports betting landscape saw its highest ever monthly haul in March 2025, with a staggering $859.5 million handled. This surpassed the previous record set in November 2023. College basketball, fueled by the March Madness frenzy, was the primary catalyst, wiping out every NFL season month in total bets - even without football being in the mix.
Fun fact: Online bets dominated, accounting for over 70% of the total, bringing in a massive $612.8 million.
But here’s the kicker - despite the record-breaking handle, profits took a nose-dive. Revenue plummeted by 25% year-over-year, reaching just $22.3 million. To put it into perspective, March 2022 saw a similar handle of $862.8 million but generated $36.9 million in revenue.
So, what gives? Well, with fewer upsets in the NCAA tournament, bettors loved their luck! Professional bettors capitalized on multi-leg parlays, leading to a significant loss of $168,000 for operators.
Thirsty for more juicy details? Here’s a breakdown of how March 2025’s revenue stacks up against the past three years:
- In March 2024, revenue was $29.8 million, with a handle of $785.3 million.
- In March 2023, revenue hit a high of $43.8 million from a handle of $830.5 million.
- In March 2022, revenue was $36.9 million, with a handle of $862.8 million.
Interestingly, this trend of high handles leading to low revenue isn't unique to Nevada. Other states have reported similar trends during March, often attributed to bettors' luck during major sporting events.
But wait, there’s more! Outside basketball, the “other” sports category contributed $6.6 million to sportsbook revenue. Hockey added another $1 million, and early-season baseball activity brought in $665,000. Football, surprisingly, cost operators $10.3 million in March - just a month after Super Bowl LIX helped sportsbooks post impressive profits.
So, while March 2025 will go down in history as a sports betting record-breaker, it's less memorable for the profits it brought in. Let's hope the books hit some luckier streaks in the months to come!
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[1]: Incorporating insights from enrichment data for a more detailed understanding of the factors contributing to decreased revenue in March 2025.
- The sportsbook in Nevada witnessed an unprecedented $859.5 million in betting during March 2025, surpassing the record set in November 2023.
- Online bets dominated the sports-betting landscape, accounting for over 70% of the total, with a massive $612.8 million handled in March 2025.
- Despite the record-breaking handle, profits dropped significantly, with revenue plummeting by 25% year-over-year, reaching only $22.3 million in March 2025.
- The "other" sports category contributed $6.6 million to sportsbook revenue in Nevada during March 2025, while hockey added another $1 million and early-season baseball activity brought in $665,000.
- Contrary to expectations, football cost operators $10.3 million in March 2025, just a month after Super Bowl LIX helped sportsbooks post impressive profits.
