- Nevada Gaming Control Board releases figures that demonstrate a 13.5% increase in sports betting revenue during last year.
- The staggering total amounts to more than $248.8m and has obliterated the previous record set.
- Nevada is one of only four states in the United States currently authorised to legally offer sports betting to punters.
The last 12 months have seen a boom in sports betting revenue in the state of Nevada in the United States. In fact, bookmakers in Nevada have recently set an impressive new state record having taken in a more than $248.8m during the last calendar year.
The figures, released by the Nevada Gaming Control Board, detail how the state saw a 13.5% increase in sports betting revenue during last year. The 2017 total sailed past the $219.2m achieved during 2016, obliterating the previous record in the process. The earlier record that had been set in 2015 achieved a total that topped $231.8m.
The total amount of money bet on sporting events in Nevada also reached a record high in 2017, with the figure rising from $4.51bn in 2016, to $4.87bn – an increase of 8%. This gambling spike means Nevada has seen betting amounts rise for three consecutive years.
What does this mean for Nevada?
Speaking to the SportsHandle website, Michael Lawton, Senior Research Analyst at Nevada Gaming Control Board’s Tax and Licence Division, commented on the high sports betting revenues. He said:
“There are various reasons that have contributed to the phenomenal growth Nevada’s sports wagering industry has seen over the past eight years. On a macro level, the general health of the sports betting industry in Nevada has never been stronger.
“With major networks mentioning point spreads and ‘bad beats’ on their prime time shows, national press stories on expanded Super Bowl propositions along with the unique March Madness experience in Las Vegas, the state continues to see more regional and national tourists (visiting both Southern and Northern Nevada) seek out the sports book when they visit properties.”
As one of only four states in the US currently authorised to legally offer sports betting to punters, Nevada’s new state record occurs as sports betting fans await the outcome of a Supreme Court decision.
The decision relates to whether or not the Supreme Court deems the Professional and Amateur Sports Participation Act of 1992 unconstitutional. If they do determine this act as unconstitutional, it will then be at risk of repeal and a 26 year-old ban on sports betting in the USA could finally be lifted.