New Betting Handle in Nevada Record Set in November
The state of Nevada officially managed to break all the previous sports betting records, as the new betting handle reached new heights in November, covering the poor performance of baccarat and slot machines in the state.
The Nevada Gaming Control Board released the figures on Saturday, where the total gaming revenue from casinos is $937.5 million in November. Compared to the same period last year, we could notice that there is a three percent decline. That amount in Nevada means dozens of millions in dollars less, which is never an insignificant amount. The amount recorded in October 2018 was $1.02 billion.
The similar results were recorded in the heart of the gambling world in Nevada — the Las Vegas Strip, where the revenue declined by 3.1 percent as the casinos there earned a total of $518 million. However, it seems that one form of entertainment is still on the rise in the Silver State, and that’s sports wagering.
Betting on Sports — New Record
Sportsbooks across Nevada earned a total of $614.5 million in November. Compared to the same period last year, that’s a 5.7 percent increase. Moreover, it’s also a 2.9 percent increase from the previous record set in the state, when the total betting handle was $596.7 million in March. In fact, this is the first time that the handle managed to break through $600 million.
The betting handle was even bigger than in New Jersey, which is currently the biggest competitor state when it comes to sports betting. The books in New Jersey managed to report $562.7 million in betting handle last month.
However, when it comes to the revenue made, it seems that bettors in Nevada were a bit luckier, as New Jersey still managed to record an overall better revenue from betting — $32.9 million, compared to $31 million recorded by books in Nevada.
Football was, once again, the main sport that bettors in Nevada wagered on in November. The revenue made from football alone was $22.5 million, which is 22 percent more compared to the same period last year.
On the other hand, the revenue made from betting on basketball dropped by almost 25 percent, as this sport earned $8.15 million. Finally, parlay wagering dropped by 2.2 percent to 2.3 million.
Wagers on sports declared as “other” increased almost 3x and earned $4.2 million. Finally, the racebooks in the state managed to record a fall of 9.7 percent, making $3.75 million in revenue.
One of the reasons why the monthly total in Nevada was lower compared to New Jersey, yet the betting handle was higher, was baseball. Bettors in Nevada won a total of $6.2 million by betting on the World Series.
When it comes to casinos, the overall picture is not that great. Namely, slot machines reported a revenue drop of 2.9 percent, earning a total of $616.7 million. Table games and card games earned $320.76 million, which is 3.5 percent less compared to the same period last year.
Individual table games mainly reported declines, as baccarat suffered a 22.7 percent decline, earning $75.5 million. Moreover, blackjack earned $86.15 million, which is 1.7 percent less compared to the same period last year.
On the other hand, roulette reported an increase of 11 percent ($31.8 million), and so did craps, which earned $31.66 million and increased by 3.9 percent. However, that wasn’t enough to cover the losses by slots and other casino games.