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Melanie Porter February 1, 2023 3 min read
Nevada’s Gambling Market Revenue up 10.5% in 2022
Nevada’s gambling market revenue has reached a record number of $14.8 billion in 2022, signaling a 10.5% growth compared to 2021
Nevada’s previous total market revenue recorded was during the 12 months that ended on December 31, 2021, when the state reached $13.40 billion.
Land Slot Machines Contributed to the Record
Now, the new $14.8 billion record was achieved with the help of revenue generated by the brick-and-mortar slots in the state. Those accounted for over two-thirds of the total revenue with $10 billion. Penny slots accounted for $3.59 billion, while $5.12 billion was generated by multi-denomination slot machines.
In December 2022, Nevada’s overall revenue reached the $1.31 billion mark, signaling a 13.9% increase compared to December 2021. The December 2022 figure was also 7.4% higher compared to November 2022. As for slots revenue in December 2022, Nevada reached the $803.5 million milestone.
Revenue from the table, card, and counter games in 2022 reached $4.83 billion. Around $1.29 billion was generated by blackjack games, while $1.18 billion came from baccarat games.
As for the month of December 2022, revenue from the table, card, and counter games reached $511 million.
Revenue from Sports Betting
Revenue generated by sports betting which is calculated along with table, card, and counter games reached $446.7 million in 2022. Out of the amount, $203.4 million was generated by mobile sports betting operations.
Approximately $165.6 million of the total sports betting revenue came from soccer bets while basketball bets generated $118.7 million. Baseball bets generated $80.4 million, followed by hockey bets which added $19.2 million and parlay cards which brought an extra $10.2 million to the total revenue.
In December 2022 alone, revenue from sports betting in the Silver State stood at $55.2 million. Out of this amount, $18.1 million was generated by mobile sports betting activities.
The Strip Generated Over $8.2bn of Nevada’s Total Revenue in 2022
Compared to 2021, The Strip alone recorded a 17.1% revenue boost compared to last year’s figure of $7.1 billion. As for the revenue total reached by The Strip in December 2022, the state’s Gaming Control Board revealed it reached close to $814.2 million.
The figure was mostly triggered by the special events held in the state throughout the month, featuring Las Vegas Raiders games, the National Finals Rodeo, the PAC-12 championship soccer game, and an important Ultimate Fighting Championship fight.
Slot machines generated revenue of $405 million in December 2022, while baccarat winnings marked a 25% rise during the month as compared to the Strip’s figure recorded in December 2021.
Control board senior economic analyst Michael Lawton expects the numbers for January and February 2023 to go up compared to 2022, when the results were affected by the Omicron variant.
Last December, Nevada upgraded its gambling regulations to help prevent cyber attacks.
At the start of the year, the Nevada Gaming Control Board recommended a series of legislative changes that would allow betting on esports.