Nevada June Sports Betting Numbers Show Revenue Loss
After two months releasing revenue figures without sports betting numbers, the Nevada Gaming Control Board’s report for June showed a loss of $483,000, a rare losing month for the state.
Michael Lawton, a Nevada Gaming Control Board senior research analyst, said the loss was from bettors cashing in old football tickets, about $5.3 million worth, in June. Casinos were closed beginning in mid-March and did not reopen until June 4.
“The loss was the result of OTC bets paid of winning football tickets from prior months,” Lawton said in an email Wednesday. “It occurred in June due to the suspension of operations. This was not isolated to one particular location or wager.”
But let’s not forget that Nevada also has a strict, in-person registration rule for sports bettors. You must register in a casino.
July 2013 was the last loss recorded by Nevada sportsbooks, according to Lawton, adding that the loss then was due to a poor hold percentage in baseball. He said it couldn’t overcome losses recorded in basketball that month, which is an annual July occurrence from winning tickets paid out on prior months events.
Compared to last month’s loss, sports betting revenue in June 2019 was $16,588,000. Other key Nevada numbers from June 2020:
- Total sports betting handle was $78,152,386, a decline of 75.7% from June 2019’s $322,068,432. New Jersey ($165 million) and Pennsylvania ($89 million) had higher total handles than Nevada.
- Mobile sports betting handle was $61,747,312, or 79% of the total handle in June.
- The total gaming win of $566,807,000 in June was about half of what it was in June 2019 ($1,040,994,000). May 2020 had $5.8 million in total gaming revenue.
Nevada Sports Betting June 2020 vs. June 2019
|June 2020||June 2019||Change|
In-Person Registration Still Hurts
While the casinos were closed for 78 days In Nevada, few sports bets could be placed because of the in-person registration requirement at casinos. The board did not release sports betting figures for April and May.
“Due to the extremely limited amount of reported gaming revenue for the month of May 2020 and statutory limitations regarding the confidentiality of financial records, several portions of the Monthly Revenue Report have been redacted,” the board said when the May figures were released.
The last month with even a partial report was March and Nevada sportsbooks had $141.108 million in total sports betting handle that month.
Even when the casinos did reopen, there were social-distancing measures in place limiting some of the capacity. Casinos also had to check temperatures of guests upon entering and make facemasks available.
Nevada vs. New Jersey
|June 2020 Handle||$78.152M||$165.015M||NJ by $86.9M|
|March 2020 Handle||$141.108M||$181.909M||NJ by $40.8M|
|February 2020 Handle||$491.706M||$494.814M||NJ by $3.1M|
|January 2020 Handle||$502.279M||$540.113M||NJ by $37.8M|
|December 2019 Handle||$571.088M||$557.786M||NV by $13.3M|
|November 2019 Handle||$614.071M||$562.676M||NV by $51.4M|
|October 2019 Handle||$543.921M||$487.925M||NV by $56M|
|September 2019 Handle||$538.226M||$445.563M||NV by $92.7M|
|August 2019 Handle||$243.337M||$293.595M||NJ by $50.3M|
Major Sports Are Returning
Without casinos open and few sports to bet on, the 2020 second quarter overall numbers for Nevada were low. Total sports betting handle from April to June was $134,416,124, revenue was $2,186,000 and the mobile sports betting handle $116,470,588, or 86.6% of the total.
But help is on the way with more sports returning, as long as casinos in Nevada stay open.
MLB returned last week and has about two months of regular games scheduled (despite the coronavirus outbreak on the Miami Marlins).
The NBA restarts its season Thursday and the NHL, where the Vegas Golden Knights are one of the top teams in the Western Conference, begins again Saturday.
That should give Nevada bettors opportunities outside of UFC, NASCAR, PGA and overseas soccer.
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