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Las Vegas’ Sportsbook July Profit Drops, But ‘Money’ to Come

Brett Smiley by Brett Smiley
August 30, 2017
in Industry
pro sports leagues sports betting attitudes have changed
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The Las Vegas sports books barely eked out a win this past July with a total hold of $524,000 on a $218,333,333 handle. The Nevada Gaming Control Board released its monthly revenue report on Wednesday.

The handle represents a slight $3 million dip from July of 2016, but a bite-sized win compared with the roughly $11.5 million that the books claimed last July.

The difference boils down to balls and strikes. Last July the books won over 7 percent on baseball wagers, compared with less than one percent (0.94) in this year’s frame. It’s possible the Los Angeles Dodgers are responsible for much of the damage: the 91-38 Dodgers went on an absolute tear in July, winning 20 of 23 contests following a 21-7 performance the month before.

Here’s a look at the July 2017, June 2017 and July 2016 figures for comparison:

  • July ’17 handle: $218,333,333 (win percentage = 0.24 for $524,000)
  • June ’17 handle: $294,341,373 (win percentage = 5.39% for $15.8 million)
  • July ’16 handle: $221,653,386 (win percentage = 5.02% for $11.5 million)

In general, July is a sleepy sports month with only Major League Baseball on the docket and the NFL, NBA and NHL in their offseasons.

Of course, the Las Vegas books had a humongous opportunity in August, thanks to the Floyd Mayweather-Conor McGregor boxing spectacle, which drew an incredible $85 million handle. The volume of bets on the underdog Irishman mixed-martial artist surpassed expectations even of experienced oddsmakers. Of course, “Money” Mayweather pounded McGregor in the later rounds and scored a 10th-round TKO, a result that favored the books.

Las Vegas Sportsbook Profits McGregor Mayweather

“We learned the public is more willing to overlook statistics and take a shot with a big payout,” Jay Rood, vice president of MGM Resorts race and sports, told ESPN Chalk. “I can see it at +700, but it was surprising at +300.”

That $85 million handle is on par with Las Vegas’ Super Bowl XLV between the Green Bay Packers and Pittsburgh Steelers, which drew about $87.5 million.

The August 2017 revenue report will reflect the big boxing victory. Meanwhile, bettors are plopping down NFL futures as the defending champion New England Patriots enter the season as a big favorite to repeat at odds about 3/1 currently.

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Brett Smiley

Brett Smiley

Brett Smiley is editor-in-chief and co-founder of Sports Handle, which joined forces with the US Bets team in November 2018. He focuses on the sports betting industry and legislation. He's a recreational sports bettor and DFS player himself, focusing on the NFL. In a past life, Smiley practiced commercial litigation in New York City and previously wrote for FOX Sports and SI.com. He lives in New Jersey with his family.

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