Nevada Sports Books Have First Losing Month On Football In Four YearsSports Betting Win Down Big In January, February |
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It hasn’t been a good start to 2017 for Nevada sports books.
In January, the sports books actually lost $8.25 million on football bets, which was 200 percent less than the amount won in January 2016. The -$8.25 million was also the first losing football month for the casinos since 2013, according to a report from ESPN.
Overall, the 190 sports books statewide managed to win $7.95 million in January, but it was a decline of nearly 60 percent year-over-year. The handle was solid though, as the casinos just ran poorly, winning only 1.75 percent of the money wagered on all the sports.
Last month, the sports books made $7.1 million from football, a decline of 45 percent compared to February 2016. They won $20.75 million overall, which was 25.9 percent less year-over-year.
The $20.75 million represented a much better hold percentage of 5.45 percent.
The casinos did see a record $138.5 million bet on the Super Bowl last month. They won $10.94 million of those bets, which was down from the $13.3 million won on the Super Bowl in 2016.
Nevada casinos have only lost on the big game once in the past 10 years (2008), and just twice in nearly three decades. It’s really rare for the casinos to lose on football.
The sports books won more than $90 million on football in 2016. That was the second best football year ever for the books, according to research from the University of Nevada Las Vegas. They’ll have to turn things around this fall to beat last year’s total.
The books could soon set new records for football when the Las Vegas Raiders kick off their first games in Sin City in 2019. The NFL approved the relocation earlier this week.
Last year, the sports books won $219.2 million overall, a decline of more than five percent compared to 2015. However, the handle of $4.5 billion was a record for the Silver State.
Football accounted for nearly $1.7 billion of the overall handle, making it the most popular sport to bet on. Basketball was second with $1.4 billion.
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