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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

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“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.

This site contains commercial content. We may be compensated for the links provided on this page. The content on this page is for informational purposes only.

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