NGCB Reports 17.2% Decline In Sports Betting Revenue For May

According to the Nevada Gaming Control Board, the sports betting market lost more ground in May, recording a betting handle of $545.7 million. This marks a 5.4% decline from the $576.8 million wagered last year and the fourth consecutive month of year-on-year declines.

The figures underline how the differences in the US sports betting landscape since legal wagering expanded across dozens of states. Nevada is one of the country’s biggest destinations, but bettors prefer placing wagers from home instead of travelling to Las Vegas or registering in person.

The decline also came during one of the busiest periods on the sporting calendar. The NBA and NHL playoffs generate strong betting interest, yet competition from regulated markets elsewhere reduce Nevada’s share of national wagering activity.

Sportsbooks Earn Less Despite Betting Surge Around Playoffs

Revenue fell more sharply than betting volume. Nevada sportsbooks generated $38.7 million in revenue during May, down 17.2% compared with the same month in 2025.

The difference between handle and revenue reflected favourable results for bettors across several major sports. Sportsbooks finished the month with a hold percentage of 7.1%, more than one percentage point below last year’s level.

Although betting volume remained healthy, successful customer outcomes reduced sportsbook margins. Hold rates fluctuate depending on sporting results, making monthly revenue more volatile than betting activity itself.

Despite the weaker monthly performance, Nevada maintained a stable financial position. The state collected around $2.6 million in sports betting taxes during May, lifting fiscal year tax receipts to $38 million and $6.3 million higher compared to last year.

Sportsbook revenue for the current fiscal year has reached roughly $562.4 million, supported by a 7.7% win rate across previous months. Those earlier results helped offset May’s weaker performance and kept the overall fiscal year on solid footing.

Basketball Leads Revenue While Baseball and Hockey Fall

Basketball remained Nevada’s strongest betting market during May. Sportsbooks generated $13 million in basketball revenue, supported by regular wagering throughout the NBA playoffs. Revenue from basketball increased 3.9% despite the declines in other segments. 

Baseball delivered a very different outcome. Sportsbooks earned $12.6 million from baseball betting, representing a 41% decline compared with the record levels posted in May last year. The sport’s daily schedule creates consistent betting opportunities, but unpredictable results and successful underdog performances can quickly reduce operator margins.

Hockey produced one of the month’s weakest results despite the Vegas Golden Knights making another playoff run. Hockey revenue dropped 69% year-on-year to $1.5 million.

The Golden Knights won nine of their 11 games during May, including five victories as underdogs. Those results rewarded bettors holding plus money tickets and reduced sportsbook profitability.

The highest growth came from the “Other” betting category, including football, golf, tennis, boxing, MMA, motorsports and racing. Revenue reached $13.7 million, up 28.6% from last year.

Mobile Betting Continues to Shape Customer Behaviour

Online wagering dominated Nevada’s sports betting market, with mobile betting accounting for 75.1% of all wagers placed during May. Digital sportsbooks generated approximately $34 million in revenue.

Although online revenue declined 3.1%year on year, mobile betting is still the preferred choice for most customers. Retail sportsbooks continued moving in the opposite direction. Betting handle at physical locations fell 12.2% to $136.2 million, marking a sixth consecutive monthly decline.

Nevada’s requirement for customers to register in person before betting online remains a competitive disadvantage compared with states offering fully remote registration.

Regional Results Show Nevada’s Strengths Despite Pressure

Clark County sits at the centre of Nevada’s sports betting industry, but sportsbooks across the Las Vegas region reported a 15.8% decline in revenue compared with May last year. Reno and the Lake Tahoe region experienced an even steeper 32.5% fall in sportsbook profits.

Tourism, established casino brands and decades of sportsbook experience give Nevada strategic advantages. However, consumer expectations have shifted as more states offer convenient digital betting.

Modernising regulations could help Nevada compete more effectively. While betting handle has declined for four consecutive months, fiscal year revenue and tax collections suggest the market is profitable despite the high levels of competition.