- Nevada sportsbooks saw year-over-year improvements in the months of June and July combined.
- Over $10 million was kept by sportsbooks in Nevada as revenue before tax contributions for July 2019.
- Nevada is on pace to break records set last year, as their 2019 betting handle is higher than expected.
LAS VEGAS – It was in the summer of 2018 that PASPA was repealed. In doing so, many believed that Nevada would lose its share of the sports betting market and see a tumultuous decline in betting handle and revenue.
When comparing June and July year-over-year since the law change, we’re starting to see that even in the summer months this is not the case.
During these two months in 2018, Nevada sportsbooks collected $531.1 million in wagers, keeping $24.2 million as revenue.
In the most recent report released by the Nevada Gaming Control Board, it detailed the sports betting action in Nevada for July of 2019. Combined with June 2019, $557.7 million was collected during the two-month span, where $27.1 million was kept in revenue.
June and July are notably known some of the least profitable sports betting months of the year for bookmakers. Nevada books kept only $10.5 million in revenue for July 2019 – which was the lowest mark since the year prior ($4.0 million).
Still, that hasn’t slowed down Las Vegas, Reno, and the dozens of other areas where sportsbooks are prevalent in Nevada. In total, Nevada has seen over $5.77 billion wagered since the legalization of sports betting nationwide.
Almost half ($2.75 billion) has come in 2019 alone, indicating that the offseason of sports betting remained on par with the NFL betting season in Nevada. Expectations are now set for Nevada to break more sports betting handles and revenues, as they did in the year prior.
Other states have certainly grown into powerful industries, such as New Jersey who surpassed Nevada in betting handle, revenue, and tax contributions once. However, Nevada is and will always be the original sports betting capital of the US.
Michael began writing as an NBA content writer and has spent time scouting college basketball for Florida State University under Leonard Hamilton and the University of Alabama under Anthony Grant. A graduate of both schools, he covers topics focused on legal sports betting, betting odds, and casino reviews. Michael likes to golf, play basketball, hike, and kayak when not glued to the TV watching NBA games.