In March, Nevada exceeded $1 billion in gaming revenue. This is a first for the Silver State since February 2020, breaking the billion-dollar revenue barrier. For March 2021, Nevada casinos reported a total gaming victory of $1.07 billion.
Compared to March 2020 when Nevada shut down casinos mid-month to help curb the spread of coronavirus, casinos have seen a massive 72.66% surge in revenue. To put this into perspective, casinos reported a gaming win of $618 million the previous year.
Inside the March 2021 casino numbers
An examination of the figures reveals an excellent month for sports gambling, thanks to the return of March Madness. Nevada reported its third-highest month of sports betting revenue, with a total of $640.8 million placed in bets throughout the month.
The sports betting handle in March saw a 354.2% surge compared to March 2020 when it was only $141.1 million, due to the closure of casinos and postponement of major US sports. Mobile sports betting made up 60.1% of the total amount wagered.
Casinos earned nearly $40 million from the approximately $641 million bet on sports, indicating a 6.1% hold for the month.
In comparison to March 2020, Nevada casinos overall earned more from all games.
- Penny slots: $323.8 million
- Baccarat: $68.2 million
- Blackjack: $71.4 million
- Sports: $39.3 million
- Roulette: $33.3 million
- Craps: $26.3 million
March saw a significant surge in sports betting, outperforming casino wins from both roulette and craps. Typically, casinos earn more from these two games than from sports betting.
Nevada Gaming Control Board Senior Research Analyst Michael Lawton, in a statement accompanying the gaming revenue, said, “These numbers also significantly benefited from stimulus payments, which allowed customers across the state, including locals and visitors, to increase their spending.”
Vegas Strip showing signs of life again
In March, casinos on the Vegas Strip made a profit of $501.4 million, marking a 67.2% rise compared to the same month in 2020.
Since the onset of the coronavirus pandemic, casinos on the Vegas Strip have suffered significant losses. Unlike off-strip properties, these casinos rely more heavily on the influx of tourists visiting for both business and leisure.
It will take some time for convention traffic to bounce back. Anticipate observing this increase later in the year. Regional tourists persistently make their way to Las Vegas, and now, they are accompanied by the greatest number of air travelers that the city has seen in a while.
Air traffic into McCarran Airport saw nearly a 25% surge in March from the same month the previous year. As a result, Las Vegas is expected to experience a continuous rise in gaming revenue and visitor numbers. In May, capacity limits are set to elevate to 80%, with a potential full capacity by June.
Entertainment bookings in Las Vegas are on the rise and tickets are being swiftly purchased by fans. UFC 264, which took place in July, saw its tickets sell out in mere seconds. The event is expected to attract a host of sports enthusiasts and bettors to Las Vegas. Announcements on additional live sports and summer shows are being made every day.
Nevada sports betting handle hanging in there
The expansion of sports betting legalization beyond Nevada in other states is ongoing. More states are sanctioning sports betting, while those that have previously legalized it are experiencing increased revenue generation.
Despite having a smaller population and a less user-friendly online gambling registration system, Nevada’s sports betting revenue still holds up well in comparison to other states. In fact, for the month, the Silver State recorded a higher handle than both Pennsylvania and Michigan.
In New Jersey, the figure stands at $860 million. Nevada follows with $641 million. Pennsylvania is third with $560 million. Michigan has $384 million and Indiana has $317 million.
Claims about the demise of sports betting in Nevada are currently overstated. However, states with larger populations are projected to surpass Nevada’s sports betting volume in the future. As it stands, Nevada is still holding its ground.
More than 60% of sports bets were placed using a Nevada sports betting app. Comparatively, states such as New Jersey and Pennsylvania observe approximately 90% of sports bets being made online through a mobile device or computer. If Nevada wishes to boost its mobile handle, it might consider overturning its choice to disallow remote account establishment for mobile sports betting.
Related Articles
Nevada Gambling, Tourism Numbers Grow Again In February
