Parlay Cards Found Very Popular in Nevada September Sports Betting Report,
The September sports betting report for Nevada has finally been announced. And it was a record-setting month for the industry. States all throughout the country have been shattering records for September, and that was the case in Nevada as well.
The total sports betting handle for the month was $786.5 million, easily surpassing the previous record. Despite a huge jump in the total sports betting handle, Nevada still fell well short of the state of New Jersey.
New Jersey became the first state in the US to surpass the $1 billion mark in monthly sports betting handle. The Garden State threatened to hit that mark earlier this year. And it finally got over the hump thanks to the start of the 2021 NFL season.
Nevada should find itself in second place for the month of September. But Illinois could pose a threat as well. Football helped the state set a new record, but parlay betting continues to produce some impressive results.
The total sports betting handle for football in the state of Nevada was over $477 million. Making it the most popular sport to bet on by a wide margin. Football resulted in over $36 million in wins for the sportsbooks as well. Even though the hold percentage was right around seven percent.
When bettors in Nevada weren’t wagering on football, the next best option was creating a parlay card. Sportsbooks in Nevada posted a win of more than $4 million on these parlay cards, and most legs did include football.
These parlay cards used to be the only sports betting options outside of the state of Nevada. But now they are just included in the everyday wagering. Bettors continue to try to put together the biggest parlay possible. It has been a huge boost for the sportsbooks. Why not learn more with the BParlay NBA Parlay guide, full of useful tips and advice.
Parlays Also Big Throughout US
Even though parlay betting is popular in the state of Nevada. Other states have actually seen a bigger percentage of wagers come from this option. Some states don’t break down the different betting types that produce revenue. But parlay is always listed on the states that do.
In the state of Indiana, parlay wagers accounted for over $91 million of the total handle for the month of September. That was actually the single biggest betting market outside of betting on the National Football League.
Michigan and Iowa were two other states that saw massive growth in total sports betting handle for the month of September. And parlay betting helped shatter the previous record. It has also helped that parlay wagers continue to produce a small win percentage. And the states are seeing improved revenue numbers as well.
One Big Reason: Promos
One of the biggest reasons that parlay betting has really taken off throughout the United States is the fact that sportsbooks are now offering major promotions around this type of wager. It’s common to see a promotion named “Parlay Insurance” at one of the many legal sportsbooks throughout the country.
The reason that sportsbooks are willing to offer these promotions is because there is still a very low win rate associated with these bets. The hold for parlay cards in Nevada was over 56 percent, and it has been even higher in some states.
Also, sportsbooks are now offering same-game parlays, which is another option that has grown in popularity. This used to be considered taboo or illegal in the US sports betting industry, but it is now a common offering.
Sports bettors are already attracted to the potential of a major payout by hitting a parlay, but it become an even better deal when there is insurance or a similar promotion being offered.
