Nevada Sports Books Winnings Up Nearly 600 Percent In MayMarket Continues To Grow Rapidly In Silver State |
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Sports books across the Silver State won $20.4 million from gamblers in May, according to the latest figures from the Nevada Gaming Control Board.
The revenue was up a whopping 590 percent compared to the $2.9 million in winnings from May 2017. In the three-month period of March, April and May of this year, the books won $70.9 million, up 43.3 percent compared to the same period in 2017. Over the 12 months prior to June 1, 2018, the books won $277.3 million, up 25.6 percent compared to the same period a year earlier.
Nevada’s sports betting market is still besting previous records.
The books retained 6.5 percent of the handle in May, which means that gamblers wagered $315.5 million during the month. That amount was one percent more than the $312.2 million bet in May 2017. In other words, the books did get much luckier this past May.
Over the aforementioned 12-month period, gamblers placed $4.94 billion in wagers. That was 8.8 percent more than the $4.54 billion bet during the same 12-month period a year prior.
Going back to May 2018. How did the books perform on specific sports?
The NBA finals kicked off on May 31, but there was still high-stakes playoff basketball during the entire month of May. The books won $9.3 million off basketball during those 31 days, according to the state figures. They actually lost $4.4 million on basketball in May 2017. The books won $10.8 million off baseball in May 2018, up from $6.6 million in May 2017.
There are 190 sports books in the state of Nevada.
It’s worth noting that the aforementioned 25.6 percent increase in sports betting revenue over the 12 months prior to June 1, 2018 was by far the largest uptick for any casino game. What was the next best game for the casinos in terms of year-over-year revenue growth during the period in question? That would be penny slots, which saw a relatively modest 4.8 percent uptick. Nevada’s overall gambling market of $11.77 billion was up nearly three percent.
Sports betting is far outpacing all other forms of gambling for Nevada’s casino industry. In that light, it’s no surprise that the casino industry won a major victory in mid-May when the U.S. Supreme Court ruled that all 50 states can legalize and regulate sports betting. The market in terms of revenue is expected to grow to as much as $6 billion within the next five years.
According to the U.S. casino industry, Americans bet about $150 billion each year on sports.
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