Nevada gambling sector hits new revenue high in October

28 November 2018

Nevada posted its highest monthly gaming revenue of the past year in October, but sports betting revenue fell month-on-month as punters won more from wagering on American football.

Total gaming revenue grew to USD$1.06bn (£832m/€941.8m), with October marking the fifth time in the past year that Nevada reported more than $1bn in monthly revenue.

However, Nevada sportsbooks collectively generated revenue of $28.7m for October, down from a record $56.3m in September. The state’s sport handle also dropped from September's high of $571m to $530.5m, according to the figures published by the Nevada Gaming Control Board.

Operators were hit hardest in betting on the football, where punters won $18m more than in September. This resulted in total revenue from betting on football declining 28.3% to $11.3m, off a handle of $342.4m.

Betting on baseball hit $74.3m in October, with sportsbooks winning $8.2m, up 30.8%, while wagering on basketball amounted to $51.4m and revenue declined 2.49% to $3.7m. The split between land-based and online revenue is not clear, as Nevada’s gambling regulator does not publish separate results for digital and retail betting.

Nevada is not the only state to have suffered from a drop in betting revenue during the month. New Jersey also saw sports betting revenue plummet from $24m in September to $11.7m in October, despite handle rocketing 40% month-on-month to over $260m. It was a similar story in Mississippi, where sports betting revenue came in at $1.2m in October, down from $5.5m in September, despite amounts wagered rising to $32.8m.

Looking at the rest of the market, slot machines accounted for 65.2% of total gaming win during the month, with casinos taking $693.5m, up 5.8% on the same month last year.

The state’s Gaming Control Board also noted significant growth in the blackjack market, with the amount won up 40.4% year-on-year to $125.5m. Roulette win was also up 21.6% to $40.4m while craps climbed 8.1% to $31.8m. In contrast, baccarat win fell by 13% to $76.3m, but remains the second highest source of gaming income for casinos.

Image: LasVegasGuy