Nevada’s casino results in November managed to climb up, carried on by baccarat and sports betting. With November now done and dusted, the results last month didn’t quite cut the October’s tally estimated at $1.06 billion, but they remained quite vibrant nevertheless.
Nevada’s November Tally Hits $967.2m
On Thursday, the Nevada Gaming Control Board (NGCB), the state’s regulatory gaming watchdog, revealed the November stats for the entire state. The numbers remained strong with revenue reaching $967.2 million, leading to a 6.4-percent increase year-on-year.
However, this was still less than the reported $1.06 billion in October, which was a record-breaking handle, showing the immediate effects of developing the sports betting segment. In November alone, the Las Vegas Strip managed to generate $534.5 million of the total revenue, or a 10% increase.
Baccarat was one of the strongest segments in the state, with baccarat high-rollers pumping up the revenue from the segment to $97.8 million. Blackjack also shot up by 4.1%, adding $87.6 million to the overall revenue, but it didn’t match the high-roller appetites of baccarat players.
Table games such as craps also went up the scale, with the game adding $30.4 million to the overall contributions (noting a 5% increase). Roulette’s revenue on the other hand crumbled to $28.7 million, posting a significant dip, down 13%. Slots went up with $634.9 million of the total revenue constituting a 1.3-percent increase.
Betting On Sports Pays Off in Nevada
Nevada’s sports betting is coming in full spate, multiplying the revenue in the state three-fold in November, to a total of $27.1 million. Despite the strong results, baseball has been increasingly (and worryingly) generating not as much interest, with the segment only generating a measly little compared to previous years. Not only that, but operators also lost $5.9 million on baseball wagers in 2018.
While baseball had been having woes of its own, the NFL and NBA, along with associated football and basketball competitions, have both shot up, Football was posted at $18.45 million, accounting for a 69-percent increase and basketball going up by 61% to $10.75 million.
There have been some concerns about the spreads and wagers issued by bookmakers and casinos, but in the end – they all turned out to favor them.
The other hotbed for sports betting, New Jersey, manage to perform not too bad at all, adding $21.4 million in November itself. Though the results were still far from Nevada, it was a good overall performance with the industry there developing.
More Challenges Ahead – Sports Betting Regulation in 2019
Mississippi also saw a significant increase of its sports handle in November. Despite the good signs, not all challenges ahead of the road. The bill dropped in Senate by Orrin Hatch from Utah and Chuck Schumer from New York could attempt to regulate sports betting in 2019.
This would mean the feds meddling with the freshly re-regulated market which has been trying to operate in a free market. Slapping new restrictive measures wouldn’t help sports betting’s total handle to develop nor businesses to continue to grow & expand.