September marked a massive month for casinos, particularly setting a new record for sportsbooks in Nevada.
The Nevada Gaming Control Board’s (NGCB) monthly revenue report indicates that the Silver State recorded unprecedented sports betting figures in September. However, that’s just a portion of the entire narrative.
Nevada also marked its seventh straight month of generating over $1 billion in total gaming revenue.
The Associated Press was informed by Michael Lawton, the senior analyst for the NGCB, that:
The continued resurgence of leisure travel, strong demand across markets, and the resumption of special events and entertainment have consistently driven gaming win beyond 2019 levels.
Despite an overall increase in visitation, the sportsbooks may not experience the same barrier-breaking growth in revenue as the general gaming industry next month.
Record-breaking sports betting revenue in Nevada
In September, a record-breaking $786.5 million was wagered on sports, marking the highest amount ever for Nevada sportsbooks. The revenue report indicates that 63% of these bets, amounting to $495.3 million, were made through mobile sports betting apps. This is the highest amount of money wagered on sports in Nevada’s history for a single month.
The last record for the monthly sports betting handle was set less than a year ago with a total of $659.9 million in October 2020. This new record handle signifies a substantial 84% rise from the $427.4 million bet on sports in August.
The amount of money bet indicates one story, while the amount won by casinos from these bets narrates another. In September, casinos in Nevada earned 6.9% of the money wagered on sports, which translates to a revenue of $54.2 million.
In September, football betting led to a windfall of $36.3 million for Nevada sportsbooks, which was the highest among all sports. However, the massive earnings from football are expected to decline significantly in the upcoming month. ESPN reports that, unofficially, for three weeks in a row, sportsbooks have been in the red.
In Nevada casinos, sports betting is only a fraction of their operations. Typically, the revenue generated from this aspect is much lower than that of other games which dominate the casino floors. However, in September, this wasn’t the case.
Casinos won the fourth highest amount of money from sports betting, following slot machines, blackjack, and baccarat. It’s uncommon for sports betting to generate more money wagered than craps and roulette in a single month.
Seventh straight billion-dollar month for Nevada casinos
Nevada casinos experienced a massive business month, with sports betting being just a fraction of it. The NGCB reports that the state’s casinos garnered winnings of $1.16 billion in September. This marks a 41% increase compared to the same timeframe in 2020.
The surge in gaming win was primarily due to tourists flocking back to the Vegas Strip. This area of Nevada secured a win of $640.6 million, marking approximately an 81% increase compared to September 2020.
Nevada casinos last experienced this many consecutive billion-dollar-winning months between November 2006 and May 2007.
As always, slot machines generated more revenue for casinos than any other game. The total reported income from all types of slot machines, including video poker and video keno, was $780.5 million.
In September as well, casinos made earnings of $92.2 million from blackjack and $83.6 million from baccarat. Depending on the visitor demographics in Las Vegas, these two games frequently interchange between the second and third positions.
When the November gaming revenue report comes out, expect to see a significant rise in baccarat earnings. This game is a favorite among international gamblers, who, starting from Nov. 8, will be able to visit Las Vegas for the first time in over a year.
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