Nevada Sports Betting To Approach $5B In 2016Last Year's Record Of $4.2B Likely To Be Shattered |
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Thanks to record handle in March, Nevada’s sports betting handle is projected to reach nearly $5 billion this year, according to a report from the Las Vegas Review-Journal.
The continued growth of Nevada sports betting comes at a time when lawmakers on Capitol Hill are beginning to feel pressure to look at reform to existing sports betting law. A 1992 federal statute limits sports betting to just a few states, with Nevada being the only jurisdiction to run with the activity.
Sports books in Nevada saw an all-time high $458 million bet in March. That followed February’s $363 million and roughly $450 million that was wagered in January, which was the previous record.
Last year, Nevada sports books took $4.2 billion in bets, an all-time high for the Silver State casino industry. It was the first time ever that the handle surpassed $4 billion.
Nevada sports books won 5.47 percent of those wagers. The $231.8 million in revenue was also the best ever for the sports books. The state had 196 sports betting locations in 2015, up from 190 the previous year.
Overall Nevada gaming revenue in 2015 was $11,114,081,000, which means that sports betting was 2.09 percent of the total gaming win. That was also an all-time high, according to research from the University of Nevada Las Vegas.
Sports betting’s growth also comes at a time when gaming win as a percentage of total Nevada casino industry revenue is at a historic low.
In order to prepare for a possible future of legal and regulated sports betting nationwide, Nevada gaming regulators and sports books are looking at allowing gamblers to be able to use their online sports betting accounts to some extent when located outside of the Silver State.
The growing popularity of sports betting, as well as one NFL owner’s pursuit of moving his team to Las Vegas, has prompted the NFL to concede that its anti-gambling position is evolving.
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