Nevada’s sports betting market slowed in February 2026, with both wagering activity and operator earnings declining year-over-year. Overall results point to a cooling period for one of the country’s most established regulated betting markets.
A surprisingly low turnout for Super Bowl betting, including the lowest handle since 2016, had a major impact on overall activity in Nevada’s sports betting market.
The impact was even more pronounced on revenue, with sportsbook earnings falling 14.4% year-over-year to $35.4 million.
Profitability also slipped, as the hold rate declined to 6.1% from 6.8% a year earlier, even though the Super Bowl still generated roughly $10 million in revenue.
With the Seahawks and Patriots as two major surprise teams, it was a less hyped Super Bowl, especially since Patrick Mahomes and the Chiefs were not involved.
It remains to be seen if the Nevada online sports betting market will show improvement in March, with March Madness as one of the most popular sporting events of the year.
Revenue performance in Nevada varied by sport in February, with football seeing a sharp decline while basketball surged. Football generated $4.3 million, marking a steep drop of nearly 69% year-over-year and a significant fall from January’s strong returns.
In contrast, basketball led all categories with $24.5 million in revenue, climbing 46% compared to last year and improving on the previous month.
Other sports, including golf, soccer, tennis, MMA, boxing, and auto racing, brought in $7.3 million, down 18.6% year-over-year but still ranking second overall. Meanwhile, sportsbooks recorded losses on hockey, which remains a less popular betting market.
While Nevada remains one of the most established sports betting jurisdictions in the U.S., it no longer leads the industry in overall scale.
States like New York and New Jersey have surpassed Nevada in both total betting handle and revenue in recent years, driven largely by widespread mobile betting access and larger populations. New York, in particular, regularly posts monthly wagering totals exceeding $1.5 billion, far outpacing Nevada’s figures.
Nevada’s market is more mature but comparatively limited, with slower growth and lower volume.
As more states expand online betting, Nevada’s relative share continues to shrink, even as national sports betting activity continues to grow.
This trend highlights how newer, mobile-first markets are capturing a larger portion of bettors, while Nevada relies more heavily on in-person wagering tied to tourism. Without significant online expansion, the state may continue to lag behind.
