Sports Betting Boosts Nevada’s Gambling Revenue

Sports Betting

Gambling revenue at Nevada casinos remained flat in February but still exceeded $1 billion despite decreases in baccarat winnings and the severe winter weather that kept some tourists away from the Lake Tahoe area.

The Nevada Gaming Control Board released data Thursday showing casinos across the state took in $1.02 billion last month, down 0.62 percent compared with February 2018. It was the second consecutive month that the board reported a decrease, but statewide revenues remain .9 percent up for the fiscal year.

Lawton said revenue from baccarat at Strip casinos was down $46.4 million. Baccarat revenue has decreased seven of the last eight months.

Thanks in part to the Super Bowl, sportsbooks in the state made up a lot of baccarat’s decline.

Sports fans bet $458.6 million last month, $47.5 million more than in February 2018. Sportsbooks won $35.8 million from those bettors, which is an increase of $25.1 million.

Of the sportsbooks’ total revenue in February, $10.8 million came from Super Bowl betting alone, compared to only $1.2 million last year.

“We had a really good sports betting month,” Lawton said.

The state benefited with $59.6 million in percentage fees based on taxable revenues generated in February. That’s up 35 percent from a year earlier.