CASINO

Sports betting, table games boost Nevada casinos in August

TAGs: Nevada

nevada-casino-gaming-betting-revenue-augustNevada casino gaming revenue failed to top the $1b mark in August but did post a year-on-year rise thanks to solid showings by table games and sports betting.

Figures released Friday by the Nevada Gaming Control Board show total statewide gaming revenue of $952.4m, a 4.3% improvement over August 2018’s result but failing to match July 2019’s billion-dollar performance.

Nevada’s slot machines had an off month, with revenue falling less than 1% to $615.5m, while the ‘table, counter and card games’ segment was up an impressive 14.3% to $336.9m. The strongest table gains came from craps ($36.4m, +40.3%), roulette ($29.7m, +34%) and blackjack ($97.2m, +20.6%). However, blackjack’s gains weren’t enough to outstrip baccarat ($98.6m, +6.4%) as the top table earner.

Nevada’s sportsbooks had a good August, with the return of college football and pre-season NFL action boosting overall betting revenue by 48.7% to $18.7m. Total betting turnover was up around 16% to $288m.

Football wagering garnered handle of $72.3m and revenue of $12.65m, more than twice August 2018’s net win as betting hold jumped to an outsized 17.5%. Football’s return also boosted parlay card revenue to $510k, nearly 71% of August’s parlay wagering handle.

Baseball retained the betting handle crown with just under $179m but a 3.74% hold kept baseball revenue to a relatively modest $6.7m, down nearly one-quarter year-on-year. On the negative side, the ‘other’ sports segment took the books for a $257k loss, and lazy basketball bettors finally got around to cashing $868k worth of winning tickets.

Overall, Nevada’s August sports betting totals weren’t enough to top the state’s New Jersey rivals, who reported total betting handle of $293.6m and revenue of $25.2m in August. This marks the third month in the last four in which New Jersey’s betting operations have exceeded the more mature operations in Nevada.

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