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Gambling Revenue in Nevada Hits Record $1.36bn in July
Nevada’s gambling revenue hits a record high in July’s collections. The state reported a $1.36 billion revenue collection for July. Sportsbooks in the state take major credit for the increased revenue.
July Marks Most Successful Month Since Sports Betting Legalization
Nevada recorded the highest revenue collection in July. This was after it surpassed the previous record posted in May this year at $1.23 billion. The $1.36 billion recorded in July also marked the most successful gambling month in the state since its legalization in 1931.
July also recorded a 79.7% jump from the same period last year when the state collected $756.8 million in revenue. This was also higher by 14.3% reported in June this year when revenue collection hit $1.19 billion.
Clark County where Las Vegas calls home contributed $1.16 billion in revenue this July. The Las Vegas Strip followed with a $409.6 million contribution to the overall monthly total. Slot games continued their dominance in the state contributing $873.7 million for this period. This was a slight improvement from June’s $868.1 million.
Card, counter, and table games contributed $468.2 million. This represented a 49.5% month-over-month increase. Blackjack posted the highest revenue at $160.1 million.
Sportsbook Revenue Hits Record Revenue Collection
Revenue resulting from sports betting also saw an increase to close at $33.3 million. Revenue from the pari-mutuel racebook closed at $3.2 million. Baseball ranked as the most popular sport by gamblers contributing $19.0 million in revenue. Basketball followed with a contribution of $5.9 million.
The figures released by the Nevada Gaming Control Board showed sports betting revenue generated via online bets stood at $13.6 million.
This revenue report comes at the back of the discussion around licensing online gaming in Nevada. Just this month, the state started discussing whether it should allow online gaming. The US iGaming industry is estimated to be worth up to $15 billion in the next four years and $30 billion in the next ten years.
But the proposal wasn’t without opposition. The NGC and NGCB received a letter from around 30 businesses and small casino owners trying to steer the authorities away from the discussions around the idea of legalizing online gambling in the state.
COVID-19 Pandemic Forcing the Hands of Players in the Industry
The COVID-19 pandemic awakened the thoughts of numerous gambling watchdogs across the world. This was after it proved to be resilient against the pandemic compared to land-based establishments.
The pandemic is threatening a comeback and stakeholders are growing concerned over a possible revenue dip. But Nevada is open to the idea of legalizing iGaming. Already the NGCB was supposed to discuss both sides of iGaming in May but a scheduled break put off the plans. However, the Delta variant of the COVID-19 pandemic is set to inject some urgency on the matter.
The pandemic resulted in the state’s lowest gaming revenue over the past 24 years. And the thought of another lockdown is not a welcomed idea at this point.