Nevada Sportsbooks Just Enjoyed Their Most Profitable Month of All Time

Nevada sportsbooks have been up and running for roughly 75 years. Yet, they continue to set their own records today.

September revenue reports for sportsbooks in Nevada dropped earlier this month. Their contents are staggering. It turns out that Nevada sportsbooks made over $80 million in profits for the month. And if you are keeping score at home, this means they just turned in the most lucrative single month in Nevada sports betting history.

"Is this really happening?" bookmakers reportedly asked themselves as the record-setting revenue rolled in, per ESPN’s David Purdum. 

Yes, as it turns out, it was really happening. But how? And why?

NFL Betting Ignited Record-Setting Month for Nevada Sportsbooks

To be sure, September always tends to be a busy month for sportsbooks in the United States. Especially Nevad sportsbooks. The first weekend usually marks the start of the NFL regular season. And with the opening kick-off comes a boatload of bets. 

This infusion is somewhat unique. It is hyper-focused on immediate results. Sure, betting on NFL futures is in full swing by September. Casual bettors and religious gamblers alike are conditioned to capitalize on early Super Bowl winner betting odds. But unlike NBA betting and NHL betting, betting on the NFL is more centralized. There are fewer games to follow each week, because they only take place on Thursdays, Sundays and Mondays, and because every team only plays once. This creates what we call a scarcity of production, which directly contributes to interest in betting on NFL games. Each and every contest means so much. Quite literally, each team’s game represents almost 6 percent of its entire season. 

September, in particular, gets hectic because everyone’s beginning with a blank slate. Bettors are trying to spot and capitalize on surprises and disappointments. The market for both is wider, because the sample at this point remains so small. By the end of September, teams have played three or four games apiece. Anything can technically still happen. As the records extrapolate in October, November and December, interest in certain clubs and trends winnows down. They are known commodities. For many teams, they are flat-out bad. And their lineups as well as performances from week-to-week reflect as much. Betting on these wild cards loses steam.

In September, specifically, though? Forget about it. Interest in betting on the NFL is at its fever pitch, with the exception of maybe betting on the NFL playoffs and Super Bowl.

Betting Outcomes Left Nevada Bookmakers in Disbelief

To this end, Nevada sportsbooks might have known they were in for a big month. But busy periods in the sports calendar do not always equate to profits for Nevada sportsbooks. The amount of money they make is contingent upon how much they must pay out. 

Indeed, Nevada sportsbooks could take in more money in total bets than ever. If most of those wagers hit in favor of customers, they are not going to make jaw-dropping profits. However, this was not the case in September. “The House” made out like bandits. As Purdum writes:

“Big NFL upsets were behind the record month. Twenty-six NFL favorites lost outright in September, the most in the opening month of the season since 2002. The largest favorite on the board was upset in each of the first three weeks, and teams that were favored by six or more points went 9-13 straight-up and a dismal 3-19 against the spread for the month. Touchdown favorites had never had a losing record straight-up over a month in the Super Bowl era -- until September 2024.

“NFL favorites went 27-37 against the spread during the month, their worst covering performance since September 2022, but the outright upsets did the most damage to the betting public. The Cincinnati Bengals lost to the New England Patriots as 7.5-point favorites in Week 1. The Baltimore Ravens lost to the Las Vegas Raiders as 8.5-point favorites in Week 2. The Bengals lost to the Washington Commanders as 6.5-point favorites in Week 3, and the New York Jets lost to the Denver Broncos as 8-point favorites in Week 4.”

Upsets are always good business for Nevada sportsbooks. Most of the action tilts toward favorites—particularly on the moneyline. The above results, then, clearly set the stage for Nevada sportsbooks to have an all-time performance. 

Did September Set Up Nevada Sportsbooks to Outstrip 2023 Revenue?

For the sake of Nevada sportsbooks, their September 2024 windfall could not have come at a better time—assuming they want to beat out last year’s total revenue.

Through August, sportsbooks operating in Nevada were averaging a little over $34 million per month in revenue. (I.E. The amount of money they make after paying out winning wagers.) That put them on pace to earn about $435 million for all of 2024. This number is not insubstantial. But it also represents a 10 percent decline from 2023 ($481.4 million). It also fell about 3.2 percent short of 2022 earnings ($449.1 million). 

One big month, though, can change everything. Nevada sportsbooks may be experiencing that here. The $80.9 million in gross revenue for September brings their monthly average up to $41.2 million in 2024. If they hold that current pace to close the year, Nevada sportsbooks will earn $494.4 million in total—nearly half a billion dollars. That, in turn, would constitute market growth by about 2.7 percent year-over-year.

Of course, the sports betting industry in the United States is not built for linear growth. Some years will be better than others. Especially in markets that have been around for a while. But the current trajectory of Nevada sportsbooks is a reminder that one month can change everything for an entire year.

Take a look at this list of the top online sportsbooks so you can find one that works for all of your sports betting needs: