Nevada sports betting hits November record
November 2019 was a record setting month for sports betting in the state of Nevada. The rest of the Silver State’s gambling business, however, did not do so well, especially the always mercurial baccarat sector.
Is this a sign that sports betting really is the savior of the American gambling business? If it’s the savior, it’s at least the industry’s golden boy. Here’s how things broke down in Nevada.
Across the state of Nevada, casinos took in a combined revenue of $937.5 million for the month. That sounds like a pretty sweet number until you consider that it’s down 3.1 percent over November 2018. But at least there was one sector that not only thrived, it broke records and that was sports betting.
Across the state, sports betting brought in a whopping $614 million, which represents an all-time record for the state. It beat the previous record, $596.7 million which was only set in March of this year. For the entire year, the sportsbook handle sits at a record $4.7 billion, which is up 6.7 percent over 2018.
Michael Lawton, senior research analyst for the Control Board commented on the success of sports betting in Nevada to the Las Vegas Review Journal saying, “Sportsbooks in Nevada continued to be the leader in nationwide sports betting activity. During the month of November, sports pools won $31 million, up 14.3 percent, or $3.9 million.”
Of course it wasn’t all good news in Nevada in November, the take from statewide casinos as a total was down 3.1 percent over the previous year, with baccarat taking the hardest hit with a 30 percent decrease over last November.