Handle, Hold and Revenue: Reading Sports Betting Industry Headlines
Handle, hold and gross revenue are often confused in headlines. Learn what each term means and how to read the numbers with care.
When a state announces its monthly sports betting numbers, the headlines usually mention a big handle, a hold percentage or a record revenue figure. These terms are related but they measure different things, and mixing them up can leave the wrong impression. This explainer defines each term, shows how they connect and offers a few tips for reading the news. It is informational and for readers 18 and older.
Handle: the total amount wagered
Handle is the total dollar amount that bettors wager over a period. If someone bets $100, wins, and then bets the $200 they now hold on another game, that counts as $300 of handle. Handle is a measure of activity, not of how much anyone won or lost, and it says nothing about profit.
Gross revenue: what is left after payouts
Gross gaming revenue, often just called revenue, is the amount wagered minus the winnings paid out to bettors. Suppose the handle in a month is $1,000,000,000 and winning bettors receive $930,000,000. The revenue is $70,000,000. It is a gross figure, so it does not account for taxes, operating costs or marketing.
Hold: revenue as a share of handle
Hold, or hold percentage, divides revenue by handle. In the example above, hold is $70 million divided by $1 billion, or 7%. It shows how much of each dollar wagered the operators kept. Hold is a useful measure of how bettors fared relative to the built-in margin, which is the same idea we described when explaining how to read American odds.
Why hold moves around
Hold does not stay the same every month, and that is normal. A few reasons:
- Results. If favorites win more often than expected in a given weekend, bettors do better and hold goes down. If upsets are frequent, hold goes up.
- Mix of bets. Multi-leg parlays usually carry higher margins than single bets, so a shift toward parlays tends to raise hold.
- Sport mix and season. Different sports have different typical margins, and some months feature more of certain sports.
- Promotions. In some places, free bets or bonus credits are subtracted from taxable revenue, which changes the numbers reported for tax purposes.
A single high or low month rarely says much. Looking at a longer period gives a clearer picture.
Reading year-over-year changes
Compare like with like. A handle that rises 20% from last year could reflect more bettors, a new state launching, a longer sports calendar or just a different number of weekends in the month. The source should specify what was compared. Ask also whether the figures are for one state or several, and whether the state reports data on a calendar month or a fiscal period.
Revenue is not the same as bettor losses
It is tempting to equate revenue with the money lost by bettors, and in a rough sense it is close, but promotional credits and timing of settlements complicate the picture. Treat the figure as an industry measure, not an exact tally of what individual people lost.
Where the numbers come from
Many states publish monthly reports through their gaming regulators, and the definitions can differ slightly. Before drawing conclusions, read the notes that come with the data. For the broader context of how legal markets developed, see our overview of what changed for US sports betting after the 2018 court ruling.
A short checklist for reading headlines
- Is the figure handle, revenue or hold?
- Is it a total or a percentage, and what is it compared with?
- Does the period include special events or extra weekends?
- Is the number from the regulator or from a press release?
- Does the story mention taxes, promotions or costs when it discusses revenue?
Frequently asked questions
Does a record handle mean bettors are winning more? Not necessarily. It means more money was wagered. Whether bettors won or lost depends on payouts and is reflected in revenue and hold.
Why do operators care about hold? It affects revenue, but it also swings from week to week by chance. Over a long period, it tends to settle near the average margin for the mix of bets taken.
Do these numbers show that betting is a good idea? No. Industry growth says nothing about the odds for an individual. If you bet, set limits and treat it as entertainment.