Nevada’s gaming regulator reported a 3.1% decline in gambling revenue while sports betting climbed up by 5.5%. This is the second time in a row that Nevada lost GGR in the gambling segment.
Gambling Revenue Collapses throughout Most of Nevada for November
Sports betting in Nevada continues to climb up consistently, even though November brought a slight hit to overall gaming revenue. Meanwhile, for the nth time, sportsbooks managed to book a record total handle.
Yet, a 3.1% decline in overall gambling revenue was sufficient to prompt the Gaming Control Board (GCB) to grumble about its fortunes and register a dip in performance. That had been the second month in a row gross gaming revenue (GGR) in the state shrunk as opposed to pursuing growth as a good state would do.
The dip affected The Las Vegas Strip and its familiar dwellers, with revenue plunging to $517.9 million out of a total $937.4 million collected from participants. Different regions posted different stories, but perhaps none more dispiriting than South Lake Tahoe, where revenue dropped by 19% to $13.8 million.
Conversely, Reno only saw a modest 1.3% decline to $50.3 million, but the city has always been a sort of an escapist Las Vegas heaven for those who aren’t as fond of the constantly huffing and puffing desert gambling Mecca.
Yet, for Southern Nevada, and specifically Mesquite and Clark County, things did look up, with gambling revenue inching up modestly.
Sports Betting in Nevada for November Climbs Up
Despite strong headwinds, the Silver State had its reasons to be content with certain developments. For starters, sports fans rallied to wager $614.1 million on football and basketball, with a few other games in the bag.
Moreover, these numbers constituted a 5.5% overall increase, plus it was a new record. The second-best number posted by Nevada sportsbooks sits at $597.7 million last March, with collegiate basketballs dominating headlines.
Looking at the overall performance throughout the year – and specifically the first 11 months – sports betting wagers amounted to $4.7 billion, or a 6.7% increased compared to the same period last year.
Interest in sports has been consolidating, but other popular segments had crashed. Baccarat revenue slipped at a heady rate stopping at $77.5 million or 22.7% decline. There was none of the appreciation James Bond would have had for Baccarat in November, not in Nevada at least, with the total wagered falling to $557 million or a 30.8% decrease.
Table games as a whole took a modest but palpable 3.5% hit. Meanwhile, slots managed to notch up a 1.3% increase. Having long been the backbone of many gaming industries, slot machines didn’t disappoint.
In fact, over the past 24 months, slots only took two small hits, but have been growing like clockwork with what is an almost negligible but reassuring pace.