Nevada Sports Betting Revenue up Nearly $1B in 2017!
In an amazing show of the popularity and viability of Nevada sports betting, the state’s gaming control board has reported that adjusted revenue from the industry was up nearly $1B in 2017. That is a jump of 10.8% over the previous year!
It’s not too hard to see why sports betting is so popular in Nevada. With Las Vegas being one of the top tourist destinations in the world, it only makes sense that people would want to place bets on their favorite sports teams while they are in town. And with mobile sports betting now available, it has never been easier to get in on the action.
Many experts are predicting even bigger things for the Nevada sports betting industry in 2018. The repeal of PASPA could mean a flood of new business for casinos in the state, as people from all over the country will be able to place legal bets on their favorite teams.
If you are planning a trip to Las Vegas anytime soon, be sure to check out the sports betting options at your favorite casino. With odds for almost every major sport available, there is something for everyone!
Report: Nevada Sports Bettors Won Over $319M In October Alone!
According to a report from the Nevada Gaming Control Board, sports bettors in the state won more than $319 million in October. That’s the second-highest amount won in a month this year, and it’s also up significantly from the $290 million won in October of last year.
baseball was the sport that generated the most winnings for bettors in October, with nearly $156 million wagered and a net winning margin of more than $65 million.Football was close behind, with nearly $143 million wagered and a net winning margin of more than $27 million.
October wasn’t all good news for Nevada sports bettors, though – basketball was a major loser, with nearly $77 million wagered but only a net winning margin of just over $1,000.
The increase in overall winnings is largely due to an increase in the number of bets being placed. The total amount wagered on sports in October was more than $2.1 billion, up from just under $1.9 billion last year.
Nevada sports betting is currently legal only in that state, though there has been some discussion about expanding it to other states in the wake of last year’s Supreme Court ruling that struck down a federal law prohibiting it.
NBA, College Basketball Lead The Way For Nevada Sports Wagering
According to a recent study, the NBA and college basketball are the top sports for Nevada sports wagering.
The study was done by University of Nevada, Las Vegas (UNLV) economist Christopher A. Anderson and found that during the 2016-17 season, NBA and college basketball bets accounted for more than 60 percent of the state’s $2.9 billion in sports bets.
“It’s not really a surprise because those are two very popular sports,” Anderson said. “But it is interesting to see how much they dominate.”
The NFL was third on the list, accounting for just over 10 percent of the bets. The NHL was fourth at just under 5 percent, while Major League Baseball was fifth at just over 4 percent. Soccer was at the bottom of the list with less than 1 percent of bettors wagering on it.
Anderson said that despite baseball’s fifth-place ranking, there is some evidence that baseball betting may be increasing in popularity due to changing public attitudes about gambling.
“There has been a bit of a shift in who is betting on baseball, and it may be because people no longer see it as purely recreational gambling,” he said. “It could be that people are viewing it as more of an investment now.”
While Anderson said he doesn’t have any data to support this theory, he suspects that baseball betting may increasingly become a more serious affair for some gamblers.
The NBA and college basketball have always been popular choices for Nevada sports wagering, but a recent study shows that these two sports account for more than 60% of all bets placed in the state. NFL betting is a distant third at just over 10%, while the NHL ranks fourth with just under 5%. MLB comes in fifth place with over 4% of all bets placed, followed by soccer which accounts for less than 1%. It’s possible that this trend will continue as baseball betting becomes more serious for some gamblers - something that UNLV economist Christopher A. Anderson doesn’t have any data to support yet
February Sees Record-Breaking Month For Nevada Sports Betting Revenues
February was a banner month for Nevada sports betting, with the highest ever recorded revenues generated from the activity. The Silver State’s gaming regulators revealed earlier this week that sports books took in $332.9 million in bets over the course of the month, eclipsing the old record of $317.4 million set back in July 2016.
While football betting continues to be the bread and butter of Nevada sports books – accounting for more than half of all February handle – basketball gambling is growing in popularity, with bettors sinking over $100 million into action on the NCAA tournament alone. That figure is up markedly from last year, when just under $75 million was wagered on March Madness in Nevada.
“The NCAA tournament is becoming more important each year as it captures more mainstream attention,” said Michael Lawton, senior research analyst with the Nevada Gaming Control Board.
Nevada sports books have generated over $3 billion in revenue since they were legalized nearly four decades ago, but there is no indication that the popularity of betting on sporting events is waning. With major sporting events like March Madness and the Super Bowl continuing to draw interest from gamblers both inside and outside of Nevada, it looks like fans can expect to see healthy profits continue rolling in for the state’s gaming industry.
March Madness Helps Nevada Post Record-Breaking Sports Betting Revenue
With the NCAA basketball tournament in full swing, Nevada sportsbooks have taken in a record amount of bets and revenue.
According to the Nevada Gaming Control Board, the state’s sportsbooks have generated a total of $38.9 million in bets during the tournament as of Monday. This is up from the $32.4 million generated during last year’s tournament.
In terms of revenue, the state has taken in $10.8 million so far this year compared to $7.8 million last year. This represents a 38 percent increase in revenue from March Madness wagers.
The Reno Gazette Journal quoted Michael Lawton, senior research analyst with the Nevada Gaming Control Board, as saying that “March Madness is always a big boost to our books.”
Nevada legalized sports betting in 1949 and it has long been one of the most popular forms of gambling in the state. The record-breaking March Madness revenue is just another indication of how popular sports betting has become in recent years.
In May 2018, ESPN reported that Nevada’s sportsbooks had generated over $5 billion in bets since they were legalized in 1949. This accounted for approximately 75 percent of all legal sports betting activity in the United States at that time.