Increased action on baseball and gridiron football reportedly helped the sports betting markets in New Jersey and Nevada to record a combined aggregate handle last month of well over $1 billion.
According to a short Tuesday report from LegalSportsReport.com, October represented the first time since last year’s repeal of the Professional and Amateur Sports Protection Act (PASPA) that the two states’ collective handle had exceeded the hallowed billion-dollar milestone with the figure going a long way to dispel increased competition concerns.
LegalSportsReport.com reported that October sports betting handle in Nevada had increased by 2.9% year-on-year to reach $543.9 million while associated revenues swelled by some 62.1% to hit $47.9 million. New Jersey was purportedly not far behind as combined wagers from its sportsbooks surged by a comparative 87.2% last month to attain an all-time record of $487.9 million.
As to on what these bets were placed, LegalSportsReport.com explained that 65.4% of all wagers lodged in Nevada last month involved games of American football with the handle from this sport growing by 4.5% year-on-year to exceed $355.6 million. Baseball purportedly occupied the second spot as combined wagers rose by 11.7% to $82.9 million while there was a very respectable $36.1 million in handle from third-placed basketball.
Finally, LegalSportsReport.com detailed that revenues from gridiron football wagers in Nevada had exceeded $26.1 million last month courtesy of a hold percentage of 7.36%. By contrast, baseball purportedly managed to bring in $11.4 million in ‘The Silver State’ with an even larger 13.83% hold while the associated tally for basketball reached slightly over $3.5 million off of a hold of 9.8%.