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NEWS 30 June 2017

Nevada misses the $1bn revenue mark, basketball to blame

By Caroline Watson
Although it was yet another strong month for gaming in Nevada, basketball sports betting did not fare so well.

According to numbers released by the Nevada Gaming Control Board, the city saw a 3.5% increase in revenue for May over the same period a year prior.

Casinos state-wide won more than $991.6m from players in May, with table games making up $344.4m of the total sum and slot machines yielding $642m.

“It was a very positive month for Nevada gaming revenues,” commented Mike Lawton, Senior Analyst with the Nevada Gaming Control Board. “We are pleased.”

Slots revenue was up 7% to just over $647m, blackjack was up only 3.2% to $110.8m and baccarat revenue was up a solid 14.2% to $100.9m

Lawton explained that the revenue growth was not due to any particular area in the state, apart from those in the north shore of Lake Tahoe. Casinos in this area have taken a record-breaking $10.6m from gamblers since the start of the fiscal year in July through May.

For the most part, the results offered positive indications to the state of gambling in Nevada, however, sportsbooks had a less-than-stellar month. The states’ sportsbook operators won only $3m of the $312.2m that was wagered.

Lawton explained that this monumental loss was due to the basketball results, where $4.4m was paid back to the players. Reportedly, May’s results mark the largest monthly basketball loss ever, overtaking April’s 1997 $3.5m.
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