Nevada Sports Books To See Record WageringNearly $4 Billion Could Have Been Bet In 2014 |
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According to Eilers Research, Nevada sports books are set to see a record in the amount wagered. According to the estimate, when December’s figures are added in close to $4 billion will have been bet. (FYI: That’s not the sports books’ revenue.)
In 2013, Nevada sports books won nearly $203 million off of roughly $3.6 billion in bets, according to data from the University of Nevada Las Vegas. It is worth noting that 2013 had the highest win percentage for sports books statewide since 2007.
For comparison with another casino game that is viewed more as an amenity than a cash cow: Live and online poker in Nevada brought in $123,891,000 during 2013, up from $123,253,000 in 2012. Last year’s poker revenue number represented the first increase year-over-year since 2006 to 2007 (this year should also see an uptick for poker). The poker revenue record of $167,975,000 was set in 2007, a year in which sports betting win in Nevada was $168,363,000.
For Silver State casinos as a whole, poker and sports betting were once equals. However, sports betting has boomed over the past decade while poker, which did experience a dramatic boom, has been slumping over the past several years. When Nevada was pondering authorizing online gaming sites, the decision was actually between poker and sports betting.
The state of New Jersey surely sees what is happening in Nevada and that explains its crusade to get sports books at Atlantic City casinos, which have struggled hugely this year. That battle has so far proved fruitless, as the major sports leagues sued New Jersey to block it. The reason why Nevada has sports betting and New Jersey doesn’t is because the former was grandfathered in. A 22-year-old federal law prohibited sports betting in all but three states.
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