New Sports Betting Revenue Records For NevadaJake Cooper | 06 Feb 2019
The story of sports betting in the US is one of immense success, and the revenue income potential has exceeded everyone’s wildest dreams. It’s an industry that, even though its considered to be part of the bigger casino and betting picture, seems to continue to flourish even when other industry-sectors experience periodic down-times.
Sports betting appears to be the goose that lays the golden eggs, and if any single US state can attest to this particular phenomenon, then it’s definitely Nevada.
Its A Catalyst For Success
This is a success-story that has had a major impact on the casino industry in general, and this is quite clear from the information provided by the Nevada Gaming Control Board. When comparing January 2019 with January 2018, there is a 4.1% rise in revenue, accounting for a $30 million increase when taking into account the figures reported during November of 2018.
What is most notable about the figures, is that the increase in revenue is reported for the same periods during which casinos on the Las Vegas Strip reported steady declines by as much as 1% on a constant year-on-year comparative basis.
Could this be explained by considering the fact that sports betting revenue performed well above expectation, having shot up by 27.7% in December alone, thanks to Football season? Many analysts say that this is most likely exactly it.
Nevada Is An Established State
During 2018 alone, sportsbooks in Nevada set a new revenue record that accounted for a 21% one-up over what was achieved in 2017. It’s important to keep in mind that sports betting was legal in a small number of states before PASPA was abolished in 2018; with Nevada being one of those states.
That having been said, it certainly appears as if countrywide legalisation has acted as a stimulant for growth even in those states where betting on sports had been legal for quite some time. It’s as if broad-based regulation had provided a healthy dose of spin-off growth for the US sports betting market in general.
The Football season no doubt has had much to do with the record revenues, and we can expect to see more of the same in the future.