Nevada sportsbooks enjoy strong start to 2021

News  /  Published 26 Feb 2021  / 

Nevada gaming revenue improved month-over-month in January, though lagged behind prior year levels, while the state’s sportsbooks posted strong figures for the month. 

January revenue across all products and services came to $761.8m, which represented an 11.4% improvement from December 2020. However, it also represented a 26.6% year-on-year decline. 

This broke down to $526.5m from slots across all outlets – down 26.7% from January 2020 – while table, counter and card games revenue fell 35.6% to $235.4m. 

The table, counter and card games segment did include strong returns from the state’s sportsbooks, with revenue up 159.9% at $52.4m. 

Sports betting was one of the few products in this category to post year-on-year growth, and its contribution was the second highest of any product after blackjack, which generated revenue of $55.0m. 

Based on an 8.10% hold percentage, this suggested stakes for the month totalled $646.7m, a 28.7% increase. Mobile wagering accounted for $363.7m of amounts wagered, and $23.1m of revenue. 

This meant that Nevada lagged far behind New Jersey, where revenue of $82.6m smashed the state’s previous monthly record.

Handle in the Garden State was also significantly higher at $948.7m – and that represented a month-on-month decline. 

In the month leading up to the Super Bowl, football was the most popular sport among Nevada’s bettors in January. Players staked $288.4m, resulting in revenue of $25.6m. 

For slots, revenue of $251.1m from multi-denomination machines accounted for almost half of revenue for the vertical, ahead of penny slots, which brought in $216.6m. 

With casinos limited to 25% capacity until 15 February – when it was increased to 35% – revenue from the Las Vegas Strip fell significantly during the month. 

The Strip’s total came to $321.5m, down 43.8% from the prior year, and less than half of statewide revenue. As with the statewide total, this represented a month-over-month improvement, however. 

The $321.5m figure broke down to $178.7m from slots (down 37.7%) and $142.9m from table, counter and card games (down 49.9%). 

 

Source: iGB North America