CASINO

Nevada casino sportsbooks endure worst baseball month ever

TAGs: Nevada

nevada-casino-sportsbook-baseball-bettingNevada casinos reported a slight decline in November’s gaming revenue, thanks to poor table game performance and the worst monthly loss on record for baseball wagering.

Figures released Thursday by the Nevada Gaming Control Board show the state’s casinos generated gaming revenue of $909m in November, down 2.3% from the same month last year and down nearly $80m from October 2017’s result.

The decline was more pronounced on the Las Vegas Strip, where casinos reported revenue of $485.7m, down 6% year-on-year. By contrast, downtown Vegas venues reported a 6.8% year-on-year improvement to $54.2m.

The state’s slot machines did their bit to keep the numbers respectable, posting a 3.5% gain to $626.7m. But overall games & tables revenue was down 13.2% to $282.3m, thanks in part to double-digit declines at both blackjack ($84.1m, -12.2%) and baccarat ($64.9m, -23.5%).

The state’s other main table earners were also in negative territory, including roulette ($32.9m, -2%), craps ($29m, -0.3%) and mini-baccarat ($5.2m, -29.7%). The state’s poker tables were essentially flat year-on-year at just under $9m.

Overall sportsbook revenue fell a whopping 48.8% to just $9.8m, while racebook revenue gained 4.3% to $4.2m. The sportsbook tally was laid low due to a 495% decline in baseball revenue, resulting in a net baseball loss for the books of nearly $11.5m, a new all-time record negative, easily topping the previous record $6.2m loss set in November 1999.

The baseball loss was credited to a number of factors, including the World Series Game 7 played on November 1, prop bet wagers on the Series’ ultimate winner, and a seemingly endless parade of laggard bettors cashing in October’s winning tickets.

The rest of the sports betting chart fared far better, with football win rising nearly 64% to $10.9m, thanks primarily to college football returns offsetting NFL losses. Basketball win declined 3.3% but still managed a respectable $6.7m, while parlay cards shot up 228% to nearly $2.2m.

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