Nevada Sportsbetting Numbers at Record High

Numbers released by Nevada state gambling regulators for November show that sportsbetting was a record high.  According to Mike Lawton of the Gaming Control Board, over $356 million was wagered on football in November – a record number for the third consecutive month.  Overall, sportsbooks in the Silver State reportedly handled $490.3 million – a number which beat the previous record registered in November last year at $447.6 million.  Winnings for sportsbooks overall were up 242.6%.

All in all, gambling revenues in Nevada climbed 12% in November 2013, thanks to strong sportsbetting and baccarat numbers. Casino revenues climbed 11.9% compared to November 2012 to $876 million, with casinos on the Strip registering a 23% revenue growth to nearly $530 million.

Baccarat was the big scorer in November 2013, with casinos winning $101 million on this game which has picked up significantly in popularity.  Betting action on the game grew an incredible 88.2% totaling over $1 billion.

Strong betting numbers in November saw Nevada collect $50 million in taxes from casino winnings, an increase of 9% compared to the same month last year.

Mike Lawton said that part of the reason why numbers were up in November was the fact that there was an extra weekend in the month, allowing more bets to be placed.  “Gaming revenues did well this month because of the one extra weekend,” he said. “We had one extra Saturday, which is obviously the biggest day for casino visitations.”

California casinos are seen as Nevada’s strongest competition. “The old reality is that Reno didn’t have competition,” noted Ken Adams, a Reno gaming analyst. “The new reality is that California now has 50 Indian casinos when it didn’t in past years.”

Referring specifically to Reno, Adams said: “We’ve been on a gradual downturn for years. As California has expanded, we’ve contracted. At some point, we hope to absorb California’s competition.”