Casinos and sportsbooks in Nevada made $329.1 million in revenue from sports betting, which also is a new record. This is an increase of slightly over 9% compared to the previous record-holding year 2018 ($301 million). The legal Nevada sportsbooks had a win percentage of 6.19%, which makes 2019 a very strong year against gamblers, as the average for the past forty years is about 5.55%. This is also the best result for the bookies since 2007 when the win percentage was 6.49%. We already made a post about the amounts wagered on sports in Nevada in 2015 and we can definitely see the differences.
In terms of handle, the strongest months for Nevada sportsbooks in 2019 were November- $614.12 million handle, March – $596.75 million handle and December – $571.18 million handle. As for the books’ profits, the greatest months of 2019 were September – $52.07 million in revenue, October – $47.89 million in revenue and December – $36.33 million revenue. The lowest revenue for 2019 was in July – $10.53 million.
Despite the fears that Nevada sportsbooks will no longer be able to beat their own records from last year, due to the spread of legal regulated sports betting across America, the Nevada Gaming Control Board declared never-seen-before figures. As reported by the University of Nevada, Las Vegas, 2019 sets the tenth straight annual handle record in the state, and the second time handle eclipsed the $5 billion mark. You can see the figures of handle and Nevada sports betting revenue in the state for the past ten years.
| Year | Handle (in Billion) | Revenue (in Million) |
|---|---|---|
| 2019 | $5,317,237 | $329,137 |
| 2018 | $5,009,118 | $301,048 |
| 2017 | $4,868,434 | $248,777 |
| 2016 | $4,509,753 | $219,174 |
| 2015 | $4,237,422 | $231,787 |
| 2014 | $3,901,117 | $227,045 |
| 2013 | $3,622,107 | $202,838 |
| 2012 | $3,449,533 | $170,062 |
| 2011 | $2,877,935 | $140,731 |
| 2010 | $2,762,267 | $151,096 |
Nevada Sports Betting by Sport
In the following lines, you can see how much each sport has contributed to the record-breaking year in Nevada. Unsurprisingly, football betting was again the most popular draw at sportsbooks in Nevada, with more than one-third of the total handle. 2019 was a remarkable year for the sports betting industry in Nevada, as it broke nearly every single record for both taken wagers and revenue.
American Football
Football betting contributed with nearly $1.9 million for the total handle, surpassing the record $1.8 billion in 2018. The revenue also broke all records, as it was $122.4 million, besting the 2014 record of $113.7 million. The percent of the total amount bet that the casinos won was 6.5%, which is the second-highest since 2006 (8%). Football betting revenue contributes a little more than 37% of the total Nevada sports betting revenue in 2019. The most popular American football betting markets in 2019 were Money Line Bets, Totals and Point Spread.
And of course, the biggest sports betting event in the United States is the Super Bowl. The amount of sports betting revenue from a single sports event like the Super Bowl is mind-blowing. Surprisingly though, for just the second time in the last ten years, Nevada sports betting handle on the Super Bowl fell from the previous year. With $146 million in handle, Nevada undisputedly takes the first place among US states for taken wagers, but the amount is lower than the $158 million taken in 2018. The NV sportsbooks posted a win of $10,780,319.
Basketball
Basketball betting handle of about $1.7 billion overtook the 2018’s record of $1.5 billion. Surprisingly, the revenue didn’t manage to break the record from the same year of $99.6 million, as in 2019, it was roughly $94.5 million. This means the sports betting fans have managed to place an impressive number of winning bets. Basketball wagers have supplied almost 32% of the total handle in Nevada for 2019. The most commonly placed basketball wagers were Money Line, Over/Under, Quarter/Period, Point Spreads and Special Players Bets.
Baseball
A little more than $1.12 billion in wagers (21% of total handle) eclipsed 2018’s mark of just over $1 billion, and it was about equal to the record handle of 2017. Pure Nevada sports betting revenue of the game was $57.2 million, up from the record of $47.1 million in 2018. This means that around 5.1% of the total wagered amount was won by the bookmakers from baseball wagers. The most famous baseball bets were Over/Under, Money Line, Run Line and First 5.
Other Sports
Wagers on soccer, tennis, boxing, and any other sport that comes to mind and provides betting markets, were around $595 million in 2019 (roughly 11% of all handle). This number beats the 2018 record of about $560 million. The revenue was a little more than $40 million, significantly surpassing the previous record of $32.3 million in 2017. Despite the big increase in both handle and winnings, it is a bit surprising that the contribution of sports other than the top 3 is so low. But with the major increase in interest towards soccer, industry experts believe there will be a significant rise in both handle and revenue of soccer bets. The most famous and commonly wagered soccer betting markets are Final Result, Both Teams to Score, Over/Under, Corners, Special Player Bets and Correct Score.
| Sport | Total Handle | Revenue (in Million) |
|---|---|---|
| Football | $1,869,251,908 | $122,436 |
| Basketball | $1,683,992,870 | $94,472 |
| Baseball | $1,121,568,627 | $57,200 |
| Other Sports | $594,807,122 | $40,090 |
| Parlay | $50,063,662 | $14,939 |
| Total | $5,317,237,479 | $329,137 |
Nevada – The King of State-Regulated Sports Betting
The trend of legalizing all sport betting activities across different US states keeps spreading and getting more supporters. When the US Supreme Court struck down the federal prohibition in May 2018, states other than Nevada became able to legalize and regulate their own sports betting markets. Slowly, but surely, more and more states have taken the first steps towards the total legalization of sports betting. Others have already approved the legalization and provide legal sports betting markets and services – Pennsylvania, New Jersey, Rhode Island, Delaware, just to name a few. So, why is the state of Nevada still the unparalleled leader in US sports betting revenue and total handle?
First of all, Nevada legalized sports betting way back in 1949. It was the first state to provide and regulate legal sports betting markets. When the Professional and Amateur Sports Protection Act (PASPA) was passed by the Congress in 1992, Nevada was handed a legal monopoly on single-game wagering in the United States. For decades the state has been the only possible destination to put sports wagers legally. US citizens have become so much used to placing legal sports bets only on the territory of Nevada, that now, some of them find it hard to acclimate to the new laws and possibilities.
Secondly, a fact that shouldn’t be underestimated, is that Nevada enjoys a regional exclusivity. While sports betting markets on the eastern side of the United States face massive competition from other states, the neighboring states of Nevada do not allow sports wagering. Nevada enjoys a tremendous flow of California residents who wish to make a sports wager. California is the most populous US state (population of nearly 40 million) and is a major feeder market for NV casinos and sportsbooks. And it is not like Californians play with low amounts. The Golden State has the largest number of billionaires and the biggest GSP (gross state product) in the United States, and its’ economy ranks among the largest around the globe.
Finally, and most importantly, Las Vegas, Nevada, is the gambling capital of the world. The fact that Las Vegas will always dominate Atlantic City, and actually any other gambling destination, as the top gaming tourism spot, is a major advantage. Since the beginning of the 21st century, an average of 39.6 million people visit Las Vegas every year. And a big percent of them like to gamble and bet on sports. 2019 is actually in second place for most visitors per year, with 42.52 million tourists. Only in 2016, there was a bigger number of visitors – 42.94 million.
Nevada Gambling Revenue 2019
And as for the total winnings from all gaming activities, according to the NGCB, Nevada casinos topped $12 billion in revenue in 2019. It was the first time in more than a decade for earnings to surpass the $12 billion mark, thanks to a very strong end of the year ($1.057 billion in December). This marked the 2019 gaming revenue the third highest in the state’s history and the fifth consecutive year of annual improvements.
As expected, the biggest contribution is from slot machines. 2019 slot revenue was up nearly 3% compared to 2018, reaching $7.93 billion. The table, counter and card games segment dipped 2.5% to $4.1 billion. Las Vegas Strip revenues almost equaled last year’s results, with $6.587 billion ($6.588 in 2018).