Nevada’s Casino Revenue Hits $1bn, Ignore Betting Results
Amid falling revenue from sports betting, Nevada’s casinos performed well in October, reaching $1.06 billion. The dip in NFL activities had no bearing on the bottom line for the gaming sector.
Nevada’s Casinos Strong Amid Receding Sports Betting
Nevada managed to rake in as much as $1.06 billion in total gaming revenue even though sports betting operations in the month were impeded by a temporary setback in the betting activity surrounding the National Football League (NFL), which took an atypical downturn.
Speaking on Tuesday, the Nevada Gaming Control Board (NGCB) announced the statewide results for October, reporting soaring financial results, with turnover reaching $1.06 billion. There were two important developments surrounding the fact. First, Nevada has improved its performance by 7.5% year-on-year, and secondly – this is the second time this year that the state has boasted revenue over the $1 billion-threshold.
Understandably, the results were more pronounced in the Las Vegas Strip, which remains one of the largest gambling hubs in the country, with revenue going up 12.2% and hitting nearly $593.5 million in October. Breaking down the results by segment, slot machine revenue went up by 5.7%, for a total of $693.5 million.
More surprisingly, it was table, counter, and card games that drove the biggest growth, with the segment reaching 10.8%, or a total of $369.3 million. Having a closer look at the result per game, Blackjack generated 40% jump in the activity in October, with $125.5 million worth of revenue generated through the segment.
Roulette also went up, adding 21.5% growth for the sum total $40.4 million. Craps, another table favorite, was up 8.1% ending up at $31.8 for the month. There has been a distinguished appetite for skill-based games that allow customers to assume better control over the outcome of different games, too, which has been enough to offset the drawbacks from the slumping interest in the NFL occasioned by fewer available games.
Speaking of the slump in betting revenue, the NGCB estimated that the total sports handle fell by 28.3%, down to $11.3 million in October. But the NFL was not the only sport to be affected, with basketball registering 25% in overall betting handle, estimated at $3.7 million.
Nevada is still struggling to chart the right course for its sports betting operations, with iGaming and land-based games taking clear precedence in the overall competition.
However, Nevada has not been the only state to post rather tampered results in October. New Jersey’s revenue fell $11.7 million, even though the handle rose, indicating the savviness of participants. Similarly, Misssissippi saw bookmakers losing $600,000 on NFL bets, pointing to a much better-prepared audience than companies expected.
In a sense, companies have been moving on sports betting too quickly to properly assess the climate at home and be able to tailor bets that would pose a little more challenge to customers. And while sports betting is falling, the regular casino segments are soaring.
This seems to be only a temporary setback, though, and things should be back to normal in November.