Nevada Sportsbooks Handle Record $5 Billion in Bets in 2018

Nevada Sportsbooks Handle Record $5 Billion in Bets in 2018 article feature image
Credit:

Kirby Lee-USA TODAY Sports. Pictured: The Welcome to Fabulous Las Vegas sign

  • A record $5 billion in bets were made in Nevada in 2018, marking a new record.
  • Sportsbooks won $301 million on those bets, setting another record.

Last year was a big one for sports betting. Following the overturn of PASPA in May, nine states have joined Nevada by legalizing sports betting, seven of which have already implemented operating sportsbooks.

Still, to no one’s surprise, Nevada remained the top moneymaker last year.

Even with the increased number of location options — especially for those on the east coast — Nevada attracted $5 billion in total bets in 2018. That’s the highest dollar amount since 1988, when Nevada Gaming Control Board began tracking such data.

It also continues the trend of a new record being set every year since 2010. Last year’s total was $4.87 billion.

Of that $5 billion — more accurately $5.01 billion — bettors ended up losing $301 million, setting another record for total winnings by Nevada sportsbooks. That also marks the percentage of money lost by bettors at 6.01%, making 2018 the most unsuccessful year for Nevada bettors since 2007, and fourth-most unsuccessful since 1992 (and perhaps beyond if the data were available).

Approximately 36% of the overall handle came from football — which was unsurprisingly the most popular sport — as bettors made $1.8 billion in bets on college football and the NFL. Nevada sportsbooks won $102.4 million from football alone.

It’s worth noting that in its six months with operating sportsbooks, New Jersey totaled $1.2 billion in revenue, which means it’s certainly possible that with more states joining the party in the coming years, Nevada’s streak of nine straight years with revenue increases might not last much longer.