The Nevada Gaming Control Board released the full-year revenue for Nevada casinos soon after 2017 came to a close. Sports book operators not only reported an increase in the amount of money wagered on sports in 2017 compared to the prior year, but they also won more than they did in the previous year. In 2017, a total of $4,868,434,000 was wagered on sports in Nevada.
UNLV Gaming reports that since 2010, sports bettors in Nevada have consistently bet more money on football each year than they did the previous year. This marks eight straight years of record-breaking sports betting. Let’s take a look at the betting figures for the three major sports in Nevada.
- Football – $1.76 billion
- Basketball – $1.481881 billion
- Baseball – $1.139783 billion
Total wagers for sports like hockey, boxing, and mixed martial arts amounted to $427,579,000, a figure anticipated to rise in 2018. Sports book operators have reported a substantial surge in hockey betting since the Vegas Golden Knights inaugurated their season. If the Golden Knights clinch the Stanley Cup, it may result in a significant loss for the sports book operators in Nevada.
In 2017, parlay wagering reached $62,923,000. This was the highest amount bet on parlays (and teasers) since 2011.
Mobile sports wagering big for Nevada sportsbooks
Matthew Holt, the VP of Business Development for CG Technology, recently revealed on an episode of the Sharp 600 podcast that mobile wagering typically makes up about 62 – 65 percent of their sports bets handle. Considering that mobile sports wagering is less than a decade old, this is an impressive growth.
In a recent interview with the Las Vegas Review-Journal, Chuck Esposito said that the mobile app has effectively brought sports betting to the fingertips of users, and has significantly contributed to the overall increase in handle.
Nonetheless, mobile sports betting does not appeal to all. During significant events such as the Super Bowl, numerous tourists still prefer to place their bets in person, queuing up to do so. Holt noted that the mobile betting handle during the 2018 Super Bowl was less than usual. In fact, only around 40 – 45 percent of the total betting handle for the 2018 Super Bowl originated from mobile bets.
In 2017, sports books achieved a victory of just over 5%.
In 2017, Nevada sports book operators claimed a victory of 5.11% of the total amount wagered on sports. In total, they won $248,777,000 out of the $4,868,434,000 that was bet that year.
Despite football remaining the most popular sport, sports books actually made more money from basketball bettors. In the previous year, basketball bets netted sportsbooks $87,431,000, surpassing football bets which brought in $76,896,000.
2017 was a big year for basketball
Football betting remains the dominant force in sports book, but basketball is rapidly gaining traction. The last six years have seen an increase in money wagered on basketball each year. Without a distinction between college and professional sports by the Nevada Gaming Control Board, it’s unclear whether this surge is attributed to March Madness or the NBA’s popularity.
The answer likely involves a mix of both. The NBA appears to be the most popular professional sports league on social media platforms like Instagram and Twitter. On the other hand, March Madness, the most significant basketball weekend of the year, doesn’t draw the most astute sports bettors, resulting in a substantial profit for casino sportsbooks.
