Nevada Gambling Revenue Dropped 3.8 Percent in August

Nevada Gambling Revenue Dropped 3.8 Percent in August

Last updated on September 28th, 2024 at 04:16 am

In this gambling news report, we examined how the decline in slot activity affected Nevada gambling revenue. In addition, we looked at the growth of retail sports betting in Mississippi. According to the Nevada Gaming Control Board, mobile sports wagering in the state increased 12 percent year over year.

In August, baseball brought in $9.7 million, the most of any sport that month, while American football betting brought in $8.7 million. Nonetheless, operators lost money on wagers on both hockey and basketball. Bets on non-sports events brought in an extra $7.6 million, while the Control Board found that mobile devices accounted for 14.8 million of the total wagering income.

According to sportsbook pay per head experts, revenue from sports betting pools increased 38.9% year over year to $25 million in August. Sports betting pools are classified as table games. However, the Control Board keeps all information about sports betting confidential.

Nevada Gambling Revenue in August

State gaming revenues totaled $1.16 billion, a 3.8% year-on-year decline. Compared to July’s total, August’s total is 7.7 percent lower. The leading cause of this decrease was income from in-person slot machines. Total slot machine income dropped 3.8% to $798.3m in August.

Losses were in the double digits at the one, five, twenty-five dollar, and five-dollar slots. However, the state’s primary source of gambling revenue—multi-denomination slots—saw a 15.7 percent increase to $555 million.

Looking at other parts of the market, sales of table, counter, and card games (including racing and sports pools) fell 3.8% to $365.5m. Once again, blackjack was the segment’s top earner, raking in $105.9m for the month. The previous August total was 6.9% lower.

According to bookie pay per head service providers, revenue from roulette jumped 22.9% to $49.0m, while three-card poker and Ultimate Texas Hold ’em also saw a rise. While aggregate statistics in Nevada fell, decreases elsewhere also had an impact. There was a 34.3% decline in baccarat revenue to $76.3m and a 7.8% decline in craps revenue to $33.4m. There was a year-over-year decline in earnings from Pai Gow and Keno.

Mississippi Sports Betting Revenue

Away from Nevada and into Mississippi, taxable sports betting revenue here amounted to $3.2m in August. This is 18.5% higher than last year and 68.4% ahead of July. According to the Mississippi Gaming Commission, total spending on wagering during the month hit $22.6m, some 5.6% higher than in 2023. This meant an overall hold of 14.1% for the state. It looks like the operators’ sportsbook business plan gave positive results.

Coastal casinos again took the most sports betting revenue, amounting to $2.1m, up 31.3% year-on-year. Handle at these casinos topped $13.7m, meaning a 15.2% hold for August. Central casinos generated $566,774 in revenue, down 22.4% from last year. However, players spent $5.3m betting on sports at these casinos, meaning a 10.7% hold.

Northern casinos saw a 42.8% increase in revenue, reaching $530,735 with a $3.6 million handle and a 14.8% hold.

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