Nevada Sportsbooks Set New Monthly Record for Sports Betting
The rumors that Nevada sports betting, in the now-legal United States market, were going to die off due to competition has been proven wrong. Sportsbooks in Nevada processed a whopping $571 million in wagers during the month of September.
This is the largest monthly amount taken in since records began in 1984. The previous record was registered in October 2017 with $565 million. September’s profits for sportsbooks were up as well, having taken in a win of $56.3 million; the previous high was September 2012 with $53 million.
Is There Really any Competition?
David Rebuck, New Jersey’s head gaming regulator joked during a September revenue for the Garden State that his state was going to eventually make more money than Nevada. This doesn’t appear to be true, since it appears that as legal sports betting spreads, more players will take up the game and expand revenue without cutting into Nevada’s market.
There are viable concerns, though. New Jersey has a larger population than Nevada, and its close proximity to New York City means it’s more likely to pull in legal bettors from there.
Betting Records Confirmed
USBets spoke with Nevada Gaming Control Board senior research analyst Michael Lawton. He confirmed these numbers were records for Nevada’s sports betting, saying “I didn’t anticipate an all-time record, to be honest with you.”
Lawton believes the awareness of sports betting achieved through the expansion of sports betting across the country was the main reason that the activity has become more popular. He also said that the legalization of sports gambling across the U.S. “might not necessarily hurt us in Nevada.”
Most Popular Sports for Betting On
Nevada’s sportsbooks took in $389 million in wagers for American football alone, which was just over 68 percent of all the sports bets placed in September. With a hold of 11.4 percent, the sportsbooks in Nevada made over $44 million in revenue on college football and the NFL alone.
For parlay bets, that amount was included in the total football wagers, but Nevada regulators break out that revenue as a separate line. September was a great month for parlays with bettors having put up $11 million for that type of bet, and books held at 60.67 percent, a revenue of over $6.8 million. Most parlay bets in the past came near a 50 percent win, so this means September’s parlay bets was quite the money maker for Nevada’s punters.
Coming in at second place was baseball with $131 million, 23 percent of the market share. Bettors did a lot better for wins; sportsbooks only held 3.24 percent. Regular season play also wrapped up in September. Altogether, the books made $4.2 million profit from those wagers, which is an increase of 14.7 percent compared year-over-year.
The “other” category, which includes boxing, MMA, hockey, golf, and other sports, brought in $1.4 million in September. Last September, books in Nevada lost $5.2 million when the super fight between Canelo Álvarez and Gennady Golovkin ended in a draw. Analysts expect the “other” winnings in October will be much more significant since UFC 229 was on October 6.
Overall Gaming Numbers
Overall gaming revenue in Nevada went up 1.26 percent year-on-year, but gaming win for the year-to-year date was down 2.3 percent compared to 2017.
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