After eking out $11.5 million in November 2017 following a rough month of baseball, the books bounced back in December with a $34.5 million win on a $495 million monthly handle (full report here). That December win is a new Nevada record, beating the previous mark from December 2007 at $31.8 million. More records coming.
The $34.5M drove the total annual win up to a record annual haul of $248.8M, on a record $4.87 billion dollars wagered. By comparison, that’s almost double the total handle in 2008 of $2.57B. Of course, the economy was also cratering around that time. The total hold across all sports in ’17 was 5.11%, a tick higher than 4.86% in 2016 but lower than 5.47% the year before.
“There are various reasons that have contributed to the phenomenal growth Nevada’s sports wagering industry has seen over the past eight years” Michael Lawton, Senior Research Analyst at Nevada Gaming Control Board’s Tax and License Division, told SportsHandle. “On a macro level, the general health of the sports betting industry in Nevada has never been stronger. With major networks mentioning point spreads and ‘bad beats’ on their prime time shows, national press stories on expanded Super Bowl propositions along with the unique March Madness experience in Las Vegas, the state continues to see more regional and national tourists (visiting both Southern and Northern Nevada) seek out the sports book when they visit properties.”
Nevada Sportsbooks Finish Strong With Record $34.5M December Win For Record $249 Million Annual Win
A couple more observations about football and basketball:
Nevada sportsbooks won $76.9M on football (NFL & CFB) in 2017 (4.38% on record $1.76B handle), which is actually the lowest dollar amount won since the 2012 football seasons. In '12, won $68.5M on $1.57B wagers (4.37%).
— Sports Handle (@sports_handle) January 31, 2018
But basketball was great in '17: Record $87.5M win on $1.48B handle (5.90% hold). And now all 30 #nba teams are coming for Summer League.
— Sports Handle (@sports_handle) January 31, 2018
How about baseball and football?
https://www.youtube.com/watch?v=IhN1ExFCXNA
The upcoming January 2018 report should look pretty good for the books too, after several straight-up underdog wins in the NFL playoffs, including the Titans and Falcons on Wild Card weekend, plus the Jaguars over the Steelers in the Divisional Round and the Eagles over those Falcons. Philly is now a heavily bet 4.5-point (and dropping) Super Bowl ‘dog.
“For the Super Bowl, I think it would be safe to say we should see another record just based on the trend line we are seeing in general for sports betting along with the improved economy, close point spread and marquee teams” Lawton said. “We have to grow over last year by 8.3% in order to hit $150 million, so let’s shoot for that number.”
The American Gaming Association conservatively estimates that Americans will wager $138.5M in Nevada on Super Bowl LII; of course that’s just 3% of the estimated $4.76 billion wagered on the game across America — the vast majority illegally.
[Chart: Here’s What $4.7B In Illegal Super Bowl LII Wagers Could Mean For States]
Lawton also explained some of the technology and other factors driving fan engagement.
“On a micro level, operators have been fast to offer wagers on a wider variety of events which include ‘In Play’ wagering” Lawson said. “This type of wagering has become increasingly popular with the public and is a perfect product for personal device wagering. The bottom line is that a computer savvy public along with a sports passionate culture have embraced sports wagering on their personal devices, which has been a key contributor to the $2.1 billion or 76.3% increase in sports betting volume the state has recorded since 2010.”
West Virginia Sports Betting Bill Would Permit Wagering at Five Casinos and Online
