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Nevada Sports Betting Handle Fails To Hit $800 Million For March

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Nevada Sports Betting Handle Fails To Hit $800 Million For March


The Nevada Gaming Control Board reported sports betting handle of $785.3 million for March, the first time since 2021 operators failed to reach $800 million worth of action for that month.

Usually one of the busier times for sportsbooks with the men’s and women’s NCAA Tournaments, handle dipped 5.4% compared to the $830.5 million worth of bets placed in 2023. It was the second consecutive-year-over-year decline as Silver State sportsbooks accepted $862.8 million in wagers in March 2022.

Though Connecticut successfully defending its title on the men’s side did not help sportsbooks all that much, revenue was dragged down more by operators paying out winning football tickets. Sportsbooks totaled $12.9 million in losses for March as bettors cashed plenty of Kansas City Chiefs and Michigan Wolverines futures for their respective Super Bowl and College Football Playoff titles.

The losses incurred were $512,000 less than last year and $4.6 million less than the $17.4 million in payouts in March 2022. It was still enough, though, however to keep overall revenue under $30 million for the first time since last August. Operators finished with a 3.8% hold for March, resulting in $29.8 million in winnings — down 32.1% from last year as operators finished with a 3.8% hold.

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Nevada also joined New Jersey ($49.8 billion) and New York ($41.4 billion) as the only states to surpass $40 billion in handle in the post-PASPA era.

Brick-and-mortar books take a beating

After posting four holds of 11.2% or higher in the previous six months, in-person bettors finally hit back in March. Brick-and-mortar sportsbooks came out just $3.8 million ahead on $278.3 million worth of bets placed, and the 1.4% win rate was the lowest by retail operators since a 1.2% mark in July 2022. It was just the second time when not including pandemic-affected months that retail revenue represented less than 15% of overall revenue.

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The eight-figure loss in football came with only $318,000 handle and obscured the fact sportsbooks did not do all that bad when it came to basketball wagering. They finished with a 5.3% hold against $611.4 million handle to win $32.5 million. Basketball handle, however, was down 6.8% year-over-year and 13.8% off the all-time monthly high of $708.9 million established in March 2022.

The catch-all “other” category, which includes golf, tennis, soccer, boxing, auto racing, and mixed martial arts in Nevada, ranked second in revenue with $7.6 million. It was the fourth time in the last five months the win rate eclipsed 8%, this time reaching 8.1% from $93.7 million handle.

The betting public fared well in hockey, limiting the house to a 1.6% hold and $730,000 from $45.6 million in bets placed. Operators had collected 10 times as much revenue on hockey bets in the first two months of 2024. Bettors also came away with a small windfall on parlay bets, collecting $155,000 from just $171,517 in such wagers to create a minus-90.4% hold.

Can Nevada get back to a $1 billion monthly handle?

As a state that still requires in-person registration to access sports betting apps, Nevada has now gone 26 months since last posting a $1 billion monthly handle — its record $1.11 billion wagered in January 2022. It is the longest drought among the five states to record at least one $1 billion monthly handle.

The $2.28 billion in accepted bets for the first quarter of the year was down 6% compared to the first three months of 2023, and March was the fifth time in the last six months that year-over-year handle figures showed declines.

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Despite the decline in handle, revenue was up 5% year-over-year to $142.4 million thanks to a 6.2% win rate. The hold on mobile wagers was 5.1% — the first time it topped 5% in three consecutive months since the NGCB began breaking out those figures in January 2020 — as online books won $26 million from $507 million handle.





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Nevada

Next year’s roster set? Nevada men’s basketball adds Texas State transfer Brandon Love

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Next year’s roster set? Nevada men’s basketball adds Texas State transfer Brandon Love


The Nevada men’s basketball roster should be set for next season, as the Wolf Pack officially announced Brandon Love will join the team.

Love (6-foot-9, 215 pounds) played at Texas State the past three seasons.

“Brandon provides tremendous experience as a veteran player,” Nevada coach Steve Alford said in a news release. “Brandon is a big man that can really defend and rebound. He will bring great athleticism and shot blocking ability to our front court. I have been impressed with his continued development offensively, as he averaged double figures in scoring this past season. Brandon is a great student and a high character individual, and we are excited for him to join our program.”

Love, a forward, appeared in 85 games, with 41 starts for Texas State over the past three seasons. He has career averages of 6.0 points, 3.1 rebounds and 1.0 blocks per game, while shooting 54.1 percent from the field.

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This past season, Love started a team-high 34 games for the Bobcats as he posted season averages of 10.4 points, 5.4 rebounds and 1.4 blocks per game, shooting 54.9 percent from the field. He reached double figures in scoring in 19 games for Texas State, and he recorded three double-doubles.

Love recorded at least one block in 21 of 34 games last season, including two or more blocks in 16 games.

He will have one year of eligibility remaining with Nevada.

He will join Kobe Sanders on the Wolf Pack. Sanders played at Cal Poly the past four seasons and averaged 19.6 points, 3.7 rebounds and 3.2 assists per game last season.

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Nevada also has signed:

  • Xavier DuSell, senior: played at Fresno State last season, where he averaged 11.5 points per game
  • Chuck Bailey III, sophomore: Bailey (6-5, 185) was named to the Missouri Valley Conference all-freshman team last season, as he averaged 8.4 points and 2.6 rebounds in 18.5 minutes per game
  • Justin McBride, sophomore: McBride (6-8, 230) averaged 2.5 points and 1.5 rebounds in 6.4 minutes per game last season for Oklahoma State.

Nevada lost Jazz Gardner in the transfer portal as he signed with Pacific. Tyler Powell signed with Eastern Washington and Tylan Pope signed with Texas State. Snookey Wigington is also in the transfer portal.



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Lombardo expresses concern over California bill that could raise Nevada gas prices

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Lombardo expresses concern over California bill that could raise Nevada gas prices


LAS VEGAS, Nev. (KOLO) – Nevada Governor Joe Lombardo is expressing concern over a California bill that could result in higher gas prices in Nevada.

On Tuesday, Lombardo sent a letter to California Governor Gavin Newsom sharing concern over the unintended consequences of SBX1-2. Lombardo says the bill could also raise gas prices for California and Arizona.

The legislation would:

  • Authorize the California Energy Commission to set a maximum gross gasoline refining margin and impose a penalty for refiners that exceed it.
  • Provide new data collection authority and create a division to monitor petroleum markets and flag potential market manipulation.
  • Require an assessment of transportation fuel demand and discussion of methods to ensure a reliable fuel supply as the state transitions away from petroleum-based fuels.

You can read more about the legislation here.

Lombardo wrote the following:

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“Since 88 percent of Nevada’s fuels are delivered via pipeline and truck from refineries in California, it’s no surprise that California’s fuel policies significantly impact the costs and availability of fuel for Nevada’s residents and businesses.

“As my administration has followed this issue, it seems that the new state agency the legislation created is getting closer to announcing a profits cap structure. While we have no details on what this might look like, I’m concerned that this approach could lead to refiners either constraining supplies of fuels to avoid a profit penalty or even leaving our shared fuels market entirely. Either scenario would likely lead to limited supplies and higher fuel costs for consumers in both of our states.

“Should this happen, I am sure Californians and Nevadans would share a demand for answers and relief from higher fuel costs and the impacts those costs could have across the economy.

“Before proceeding with a profits cap, I would request an assessment of potential impacts of this approach across the West, including not only California, but Nevada and Arizona too. To assist with this, my Office of Energy stands ready to immediately engage in proactive conversations with the California Energy Commission.

“Thank you for your consideration of this request. I’m hopeful that your administration will work to mitigate unintended consequences of SBX1-2, so that we can spare hard working Californians and Nevadans from further pain at the pump.”

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Lombardo’s letter comes ahead of a Utilities & Energy Committee hearing Wednesday that would update the committee on the implementation of the legislation.



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University launches program to increase number of Nevada organic producers | University of Nevada, Reno

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University launches program to increase number of Nevada organic producers | University of Nevada, Reno


Consumers are increasingly seeking organic food, whether it’s at their local grocery store, corner café or favorite restaurant. As the demand for organic produce by consumers, grocery outlets and restaurants continue to rise, a new program will help guide Nevada producers through the process to become certified organic producers. The University of Nevada, Reno’s Desert Farming Initiative has launched the “Grow Organic Nevada” Program that will enlist the help of producers who are already certified organic to help mentor other producers seeking to become certified organic.

“You get a plan written and use it. It’s not as hard as people want to make it,” said Rob Holley, who owns and operates his own certified organic farm in Dayton, Nevada, and will coordinate the program. “The organic system plan requires recordkeeping, but it’s just a documented extension of what that farmer or rancher is already doing. They are farther along than they think. There’s a lot of resources out there, and then the mentors can help streamline that process for those who are interested.”

Holley’s family has been farming in Dayton for more than 50 years. When Holley decided to seek organic certification for Holley Family Farms in 2011, he said he worked very closely with a couple of other producers and the Nevada Department of Agriculture who helped them through the process. He says it’s been worth it.

“Since becoming organic in 2011, we’ve seen a continued increase in sales and demand for our product,” he said.

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Indeed, organic has gone mainstream. According to the USDA, conventional grocery retailers have overtaken natural food stores as the most popular outlet for organic food, with 55.6% of sales in 2021. And, certified organic U.S. land for growing crops or livestock increased from 1.8 million acres in 2000 to 4.9 million acres in 2021. But, in Nevada, there are only 37 certified organic producers, and only 12 of those grow what we typically consider to be produce (vegetables, fruit, nuts, etc.), while 22 grow hay/grain/forage for livestock, and three raise livestock for meat production.

To encourage producers to take the plunge into organic, the new program is providing $500 to producers seeking to become certified organic and accepted into the program. Those seeking a mentor can request a mentor online.

To encourage producers who are already certified organic to serve as mentors, mentors receive $3,000 for 40 hours of service, providing one-on-one guidance through the process and sharing their organic farming expertise, as well as participating in regional organic-focused community events. Mentors can earn more for mentoring multiple transitioning producers and are also provided with supplemental training in interpersonal skills and organic practices. Those interested in becoming a mentor should have at least three years of direct experience managing organic production and certification, as well as a strong understanding of the process to become certified organic. Producers interested in mentoring, also apply to become a mentor online.

The funding stipends for producers and other program costs is being provided through grant funds of over $500,000 through the United States Department of Agriculture (USDA) Transition to Organic Partnership Program, a network assembled by the USDA’s National Organic Program to support transitioning and organic producers with mentorship and resources. There are six designated regions for the program, and Nevada falls under the West/Southwest Region, which is led by the nonprofit California Certified Organic Farmers. The nonprofit organization has contracted the University to run the program in Nevada.

Jill Moe, director of the Desert Farming Initiative, which is a program of the University’s Experiment Station unit in the College of Agriculture, Biotechnology and Natural Resources, said that when she learned of the Transition to Organic Partnership Program, she immediately saw it as a perfect fit for the Initiative and its goals to support local producers, advance climate-smart farming practices and promote food security in the state. She said that Holley, with his longtime farming experience and other professional experience, is also an excellent fit to lead the program.

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“Rob is graduate of the University and has worked with us on projects as a successful producer for decades,” she said. “But, besides that, he has more than 30 years of management experience and professional positions working for state and local partner agencies with goals that align with the goals of our College.”

Holley has served as district manager at the Dayton Valley Conservation District, park ranger at the Nevada Division of State Parks, and forester in Elko at the Nevada Division of Forestry. He says he’s excited to get the new program off the ground.

“I’m already receiving requests to get involved, from both mentors and mentees,” he said. “But, I really want to reach out to those producers who are underserved or not necessarily already in the loop, and to the tribal communities as well,” he said. “There’s a pretty broad net to cast across our state, and I intend to reach both small and large producers, in every corner of our state.”

For more information on the Grow Organic Nevada Program, contact Holley at 775-784-6556.

Grow Organic Nevada is supported through the United States Department of Agriculture (USDA) Transition to Organic Partnership Program, which is a program of the USDA Organic Transition Initiative and is administered by the USDA Agricultural Marketing Service National Organic Program.

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