In the middle of March, Nevada’s Governor, Steve Sisolak, mandated the closure of casinos. This resulted in a half-month gaming revenue that was significantly low, although the casinos did manage to make some profit. However, the shutdown was extended through April and May. As projected, the gaming revenue for April in Nevada experienced a severe decline, with the gaming win amounting to a meager $3.64 million.
Nevada casinos have experienced a 99.6% decrease in gaming revenue from the previous year, from $936.4 million. Currently, the gaming win for the year in Nevada has dropped by 11.43% compared to the previous year.
Mobile sports betting was the big winner
Despite the closure of casinos in April, four sportsbook apps and a poker website remained active. However, this did not significantly contribute to the state’s overall gaming revenue, though it did provide some income.
The Nevada Gaming Control Board (NGCB) redacted the sports betting data in its report. The NGCB stated that the gaming win figures are not accessible to the public due to “legal restrictions on the privacy of financial records.”
In April, the majority of live sports betting focused on fringe events such as table tennis and esports. Futures betting on most sports was not settled during this month. However, an exception might have been any remaining NFL bets from the 2019 season.
Michael Lawton, Senior Research Analyst at the Gaming Control Board, informed CDC Gaming that the poor sports betting performance of Nevada casinos in April was mainly due to paying out winnings from successful sports bets (specifically football) made in previous months.
He also pointed out that the 2020 NFL Draft may have led to losses for Nevada’s sports betting apps in football. Furthermore, Nevada sportsbooks’ refunds on certain events compounded any negative returns for the month.
WSOP.com win isn’t reported
The NGCB reports do not separately list online poker revenue unless there are at least three websites in operation. Currently, WSOP.com is the sole online poker website operating with real money. Based on anecdotal evidence, Caesars Entertainment should have seen a revenue increase from online poker.
The WSOP Spring Online Championships occurred throughout April. Seth Palansky, Caesars Interactive Entertainment’s vice president of corporate communications, told PlayNevada that this event attracted a record number of players to the poker website.
Who was playing slot machines?
In April, all casinos were shut down and electronic gaming devices, including video poker and slot machines, were required to be turned off at various locations such as bars, taverns, gas stations, and supermarkets for the entire month. However, gaming establishments in Nevada still managed to generate $78,000 from slot machines during this period.
The April report from the NGCB indicates that across the state, there were 20 locations with penny slots and 30 with dollar slots. Despite this, the majority of slot machine wins seem to have occurred in the Clark County region, which largely encompasses the Vegas Strip.
Expect May to be slightly better
Casinos were shut down throughout May, so the retail gaming income is expected to remain unchanged, except for the possible contributions from rogue slot machine players. Nonetheless, for several reasons, the earnings from mobile sports betting are likely to improve.
The commencement of traditional sports returning for audience viewing and betting was marked by UFC 249 and a few more UFC Fight Nights. Additionally, the month was highlighted by a few golf matches and the comeback of Bundesliga, much to the delight of international soccer enthusiasts.
Both Westgate SuperBook and South Point launched their mobile sports betting apps in time for UFC 249. Throughout the month, Circa Sports, William Hill, and South Point initiated curbside services. These three sportsbook operators permitted customers to create and deposit money into new accounts, given that mobile registration wasn’t an option. The curbside service also enabled current customers to deposit money into their accounts.
The rise in mobile sports betting is expected in May due to the increase in live sports, the introduction of new sports betting apps, and the expansion of account funding methods.
