- Legal States
Silvia Pavlof September 30, 2022 3 min read
Nevada Surpasses $1B in Gaming Revenue For 18th Month in a Row
The Nevada Gaming Control Board has reported on the financial results for the gambling sector in the state for the month of August, which are, of course, dominated by the revenues coming from the Las Vegas Strip.
Nevada Gambling Winnings over $1BN for 18th Month in a Row
For August, the Nevada gambling industry reported winnings of $1.2 billion, which is 3.53% higher than the winnings of August 2021 amounting to $1.16 billion. This marks the 18th month in a row with revenues of over $1 billion.
The August winnings, however, are slightly lower than the $1.3 billion reported in July or to be exact there is an 8.3% decrease when comparing the two months.
The Las Vegas Strip accounted for $659.7 million, which is about 55% of the total state revenue. This marked an increase of 5.2% in comparison to the $627 million reported in August 2021.
The steady revenue stream coming from the Strip is mainly due to the large number of tourists drawn to Las Vegas not only by the gambling opportunities but also by the many concerts and events.
It must be noted that when comparing the current Las Vegas Strip winnings to August 2019, they are 26.7% higher, showing that the gambling sector in Nevada is actually doing better now than it did before the pandemic.
When the Strip revenues are excluded, the rest of the gambling operators reported a boost of 1.6% in comparison to the same period last year, which equals winnings of $8.5 million. The August results put an end to a period of four months of year-on-year decreases.
Winnings by Game Type
Year-on-year increases were noted across all game types in August.
In August, slot machines across Nevada brought in $847.1 million, a boost of 2.5% in comparison to the same period last year. Winnings from table and card games were $361.4 million also marking an increase compared to August 2021, which equaled 6%. Baccarat winnings enjoyed a boost of 3.9% year-on-year to $96.7 million.
Sports betting revenue was also on the rise when compared to August 2021. Sports wagering winnings amounted to $16.1 million, which marked an increase of 12% year-on-year. It must be noted, however, that the hold percentage for August 2021 was 3.35%, while for August 2022 it was 3.93%.
There was a decrease of 4.4% of the total handle, which amounted to $408.7 million in the month of August, in comparison to the same period last year.
Sports betting on mobile applications accounted for winnings of $9.9 million, a 14.8% boost year-on-year, with a handle of $292.9 million, which saw a yearly decrease of 1.3%. According to the Nevada Gaming Control Board report, the handle for mobile sports wagering equaled 71.7% of the total sports betting handle.
Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.
Casino September 30, 2022
Casino September 30, 2022