College basketball’s postseason helped the Silver State generate one of its better action months in multiple years.
Key Takeaways
- Silver State sportsbooks generate the highest handle since November 2023.
- Pro and college basketball revenue falls 24% from the previous March.
- NCAA tournament success and massive football payouts lead to a low 2.6% hold.
The Nevada Gaming Control Board reported an $859.5-million handle in March, a 9.4% increase from March 2024. The handle, without football and during March Madness, outperformed every month of the previous NFL season.
College basketball’s postseason generated $255 million more than the previous month, which included the Super Bowl, and 7.9% more than January. It’s the highest handle Nevada has had since November 2023.
The last time more than $850 million in wagers was generated in Nevada in March was in 2022 during one of the best college basketball months ever recorded. Online sports betting in Nevada accounted for $612.8 million of March’s wagers, a 21% increase from the previous year.
Profits plummet
| Year | Handle | Revenue |
|---|---|---|
| March 2025 | $859.5 million | $22.3 million |
| March 2024 | $785.3 million | $29.8 million |
| March 2023 | $830.5 million | $43.8 million |
| March 2022 | $862.8 million | $36.9 million |
| March 2021 | $641 million | $39.3 million |
As good as the action was for Nevada sports betting operators, profits didn’t follow. The $22.3 million in revenue was down 25% compared to March 2024. Online sportsbooks claimed $15.6 million in revenue, a 32% decrease from the Super Bowl month.
Sportsbooks only won back 2.6% of the betting handle, giving them just the third hold under 3% over the last three-plus years. Despite pro and college basketball generating $665.6 million of the total March handle, operators only won $24.5 million, a year-over-year decrease of 24.1%.
This is a trend found in several other states that have reported March revenue. A lack of upsets during the NCAA tournament fueled customer-friendly results and moneyline parlay success. Multi-leg bets resulted in a $168,00 loss for the sportsbooks.
The Silver State collected $1.5 million in taxes from sports betting operators, down from the nearly $2.8 million February generated for Nevada.
Other revenue
The biggest revenue generator behind basketball came from the “other” sports category, which hauled in $6.6 million in March. Hockey contributed another $1 million in profits while baseball accounted for $665,000 during the start of the MLB season late in the month.
Football significantly cut into Nevada sportsbooks’ profits. The sport collectively cost operators $10.3 million a month after Super Bowl LIX generated the biggest-ever win for Nevada sportsbooks.
