Vegas sportsbook winnings plunge
If Nevada sportsbooks expected a decent summer, they were greatly disappointed. According to figures released by gambling regulators, August was a virtual disaster for the gambling operators, as revenue plunged 62% compared to the same period last year. Of course, August 2017 included the McGregor-Mayweather fight, so perhaps it isn't altogether a fair comparison. After all, the sportsbooks still managed to turn a profit.
August sportsbook revenue was $12.6 million. This includes a hold percent of 5.1% which means that around $250 million in wagers was placed during the month. In August of last year, sportsbooks picked up $33.9 million. This was a 1,650 increase over the previous year and was propelled by the McGregor-Mayweather event. On the fight alone, sportsbooks earned over $19.5 million based on loose figures. Nevada gaming revenue doesn't break down a number of sports - such as boxing, golf, tennis and MMA - and lumps them all into one category, "other." That category earned the sportsbooks $32.3 million in August of last year.
Despite a slowdown this year, the sports gambling market increased by 5.5% year-on-year for the 12-month period ending August 31. The final calculation for the year was $263.8 million. Since sportsbooks keep about 5.3% of the amount gambled, the total amount wagered for the period would have been almost $5 billion.
Nevada has long been the go-to state for sports gambling. However, now that PASPA is dead, more states are getting into the game and several have already implemented sports gambling legislation. Others are expected to introduce new laws in the next couple of legislative sessions, which could further impact Nevada's control of the market.