What is Hold?
Hold is the percentage of money wagered that an operator keeps as revenue, calculated as gross gaming revenue divided by handle.
If a sportsbook takes £10 million in bets and pays out £9 million in winnings, its hold is 10%. In casinos, table game hold is often expressed relative to the drop, the cash exchanged for chips at the table, which is a different base from total wagers.
Hold differs from theoretical margin because results fluctuate. A run of favourites winning can cut a sportsbook's hold for a month, while unusual outcomes can push it up. In Macau and Las Vegas reporting, baccarat hold can swing quarterly results noticeably.
Rising sportsbook hold in the US over several years has been linked to the growth of parlays and same-game bets, which carry higher margins. Theoretical hold is the figure a casino expects over time.
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