New Jersey Sports Betting Handle Tops In Nation For Third Time In Four MonthsNevada Sportsbooks Took $288 Million In Sports Bets, Falling Just Shy Of The Garden State's Total |
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New Jersey is quickly making a case to be called the nation’s hub for sports betting.
The Garden State tallied a massive $293.5 million in sports betting handle in August, which put them tops in the nation for the third time in four months. Nevada finished second in the nation for the third time in history after taking $288 million in sports bets, according to monthly data released from the Nevada Gaming Control Board.
May was the first month New Jersey topped the sports betting handle market and has stayed at or near the top ever since. With neighboring Pennsylvania now offering sports betting, it will be interesting to see how much that affects the New Jersey market as the Pennsylvania market matures.
The Nevada handle represented a 16 percent year-over-year increase and operators profited $18.7 million on the $288 million wagered, which equates to roughly a 6.5 percent hold. The majority of the revenue came from the $72.3 million wagered on August football games. The books won $12.66 million on those bets.
The total gross gaming revenue for the month was $952.4 million, giving Silver State casinos a 4.3 percent increase from August 2018.
The Las Vegas Strip casinos generated the majority of that revenue. Those operators won $520.7 million from gamblers, up just shy of nine percent year-over-year. In terms of percentage increase, the Las Vegas Strip was the biggest increase of any area in Clark County. Clark County casinos made up $791.6 million of the state’s total revenue.
Despite the year-over-year increase, the state fell below the $1 billion mark for the first time since May. Michael Lawton, a senior research analyst for the Control Board, told the Las Vegas Review Journal that the revenue increase came from a strong table game presence.
“This was the result of strong non-baccarat game and table play which benefited from increased volumes and significant increases to hold percentages,” said Lawton. “For the month, [blackjack] was up 29.2 percent, craps was up 67.3 percent, roulette was up 43.3 percent and sports were up 111 percent.”
North Las Vegas casinos saw a 16.5 percent drop in revenue, after taking in $19.4 million, while Boulder Strip casinos were the second-biggest drop in revenue with a 12.03 percent dip and $54.7 million.
The largest drop in revenue was in North Lake Tahoe, where operators experienced a 17.4 percent decrease in revenue with $2.7 million in revenue. South Lake Tahoe also saw a decline with an 11.6 percent drop and $23.7 million in revenue.
Elko County saw the biggest increase with $26.8 million, good for an 11.46 percent increase. Reno and Sparks area casinos won just shy of $78 million.
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