The Nevada Gaming Control Board (NGCB) reported $67.6 million in adjusted gross sports betting revenue for December on Wednesday, resulting in its highest two-month rolling total of the post-PASPA era.
December’s winnings, which were up 351.9% compared to the final month of 2024, ranked sixth since sports wagering became available beyond the Silver State. The $140.4 million accumulated in the final two months of this year topped the previous high of $130.4 million claimed in September and October of 2023 when sportsbooks had strong results in football and baseball wagering. This time around, football and basketball served as the primary revenue drivers.
Handle, though, tailed off by 9.1% to $746.7 million. That was also down 17.8% from the $908.5 million wagered in November that included five weekends. The $8.07 billion handle accepted by Nevada sportsbooks for the 2025 calendar year was up 2.2% from 2024.
Revenue, however, surged 24.7% to $601.4 million as the statewide hold of nearly 7.5% was up more than 1.3 percentage points. That led to an increase of nearly $8.1 million in tax receipts for 2025 to $40.6 million.
Another pigskin pounding
For the first time in the post-PASPA era, Nevada sportsbooks had holds of 9% or higher in back-to-back months during football season. Operators finished with a 9.7% win rate for December in keeping $40.8 million of the $423.2 million wagered on college and pro football, a stark reversal after paying out $2.1 million above the near-$488 million wagered in the final month of 2024.
The house eclipsed $200 million in football revenue in a calendar year for the first time as the $202.4 million represented an increase of 46.1% from 2024.
Basketball revenue in December increased 3.6% year-over-year to $15.5 million. Full-year revenue, however, dipped 5% to $145 million, largely dragged down by all four No. 1 seeds in the men’s NCAA Tournament reaching the Final Four in March.
While sportsbooks continued to pay out winning baseball tickets well above handle — December’s loss was nearly $1.5 million with only $142,100 handle — the $109.2 million in revenue for the year was up 51.1% from 2024. The house had three months with more than $20 million in winnings while posting double-digit win rates in both July and August.
Mobile operators shine in 2025
When the NGCB began breaking out mobile revenue figures in 2020, retail sportsbooks were shown to be generating roughly half of all operator revenue despite accounting for approximately one-third of handle through 2023.
In 2024, those percentages finally tilted heavier towards mobile books, and a parity of sorts was reached in 2025. The $400 million in digital sportsbook revenue for 2025 was up 39.9% from the previous year and represented 66.5% of total operator winnings. The share of total revenue from mobile operators was 59.3% in 2024.
The near-7% hold for the mobile sportsbooks was up 1.5 percentage points for 2024 as the group collectively topped the 7% industry standard in eight months out of the year. The $5.7 billion in online handle — up 9.9% from 2024 — represented 71.1% of total wagering compared to 66.2% the previous year.
Their brick-and-mortar counterparts closed out 2025 with a rout of the public, attaining a 12.2% hold in keeping $25 million of the $205.6 million worth of bets placed. It was the highest monthly win rate since reaching 16% in September 2024 and also secured year-over-year revenue growth despite a dramatic downturn in handle.
Retail sportsbooks closed with $201.4 million in revenue for 2025, up 2.6% from the previous year. Handle plunged 12.8% to $2.33 billion, which was a partial reflection of lower visitor and tourist counts to Las Vegas. December’s falloff in action year-over-year was sharper at 17.6% to $205.6 million.
Operator performance was the saving grace for retail books as their 8.6% hold for 2025 was up 1.3 percentage points versus 2024.
