While the Nevada casino industry took a step back in October, sports betting books reported near record totals, according to data released earlier this week by the state’s Gaming Control Board.
Total handle at Nevada sports books was $504.6 million, reportedly making it the second-highest month on record, with sportsbooks winning $33.6 million in October, a 21.8 percent increase from last year.
Full report HERE.
According to Jason Simbal of CG technology, the primary reason for the growth is the ever-increasing popularity of football betting, which accounted for more than $23 million of the sportsbooks’ winning in October. Citing NGCB records, Simbal said year-over-year increases for football betting alone measured $17 million in volume and $6.5 million in revenue.
That continues a trend for the books, which have enjoyed three consecutive record-breaking years and seem destined for a fourth in 2015. Football bettors are winning more often this season, but in November, MGM vice president of race and sports Jay Rood told ESPN that the increase in handle has been substantial enough to offset to decrease in hold.
“Our handle is up, but we just haven’t been able to capitalize on it,” Rood said Sunday afternoon. “Dollar for dollar, we’re just a little behind last year. It seems worse than it’s really been. If you look just at the [hold] percentage you’d think we were getting killed, but really we’re not.”
The October figures from sportsbooks were a welcome bit of good news for Nevada. Overall, casino revenue was down 2.9 percent to $887.6 million in the state and more than 5 percent to $493.6 million on the Las Vegas Strip compared to October 2014.