During March, over $521 million was bet on sports, from which Nevada sportsbooks gained 6.55 percent, equivalent to $34.16 million. This signifies an 8.66 percent rise compared to the same timeframe in 2017. The complete Revenue Report from the Nevada Gaming Control Board is available here.
This was a significant month for sports betting, however, it’s always intriguing to compare its success to other games in Nevada casinos. In order for sportsbooks to generate more revenue for casinos than roulette, a substantial month of basketball betting was required.
In March, Nevada casinos reported winnings as follows: Blackjack brought in $95.2 million, Craps won $34.1 million, Roulette garnered $29.0 million, Baccarat earned $117.2 million, and Sports betting resulted in $34.1 million. The biggest earnings came from Penny slots, with a massive $283.3 million. This information is per the Nevada Gaming Control.
This was written by David Payne Purdum (@DavidPurdum) on April 30, 2018.
March Madness, indeed
It’s hardly unexpected that basketball was the top sport bet on in Nevada in March. NCAA basketball becomes the focal point for bettors at the start of the month, due to conference tournaments. Furthermore, the majority of the NCAA Championship tournament games are played throughout March, with only the college basketball championship game taking place in April.
Sportsbooks experienced a record-breaking month in March for basketball betting. The gaming control board does not distinguish between college and professional sports betting. In March, over $436 million ($436.5 million) was wagered on college and pro basketball. During this period, sportsbooks secured 8.71 percent of basketball bets.
In March, sportsbooks reported a significant increase in parlay winnings. Compared to 2017, this year’s winnings from parlay bets have soared by an impressive 617 percent. Regardless of the sport being bet on, parlays generally do not favor the bettors. In March, sportsbooks claimed victory on nearly 25 percent (24.83%) of parlay bets. It has been observed that younger bettors prefer the thrill of substantial parlay wins over single -110 point spread wins where they stake $11 to gain $10.
The popularity of basketball, particularly in March, is expected to keep increasing. A growing number of people are visiting Las Vegas to enjoy the first weekend of games. Besides profiting from betting on March Madness games, casino operators are also hosting parties and selling seats in sportsbooks as a way to generate extra income.
During the initial days of the season, sportsbooks outperformed baseball bettors. The season, which started on March 29, was the earliest in the history of Major League Baseball. Over the last three days of March, sportsbooks claimed victories on 12.91 percent of the bets placed on games.
Nevada sportsbooks win again
Sportsbook operators have once again had a profitable month. Nevada sportsbooks, according to records from the Nevada Gaming Control Board, have been earning more money than bettors for an uninterrupted period of 56 months. This means that it has been nearly five years since bettors last made more money than the sportsbooks.
