It has been a banner year for the state of Nevada, despite the concerning economical climate currently floating around the world. It was revealed that, for the nineteenth month in a row, Nevada’s gambling revenue has topped $1bn in total. In September, the total revenue soared to over $1.25bn, marking an immense increase of 7.8% year-on-year and showing growth month-on-month. It’s estimated that $859m of that revenue comes from slots, by far the most popular gambling method of choice in the state.
Reportedly, sports pools made up a $70m portion of the revenue, with mobile sports wagering accounting for just $27m out of the total count. As mobile sports wagering becomes increasingly popular, these figures are set to rise, but at the moment, they’re meagre compared to the might of traditional casino gambling. It was suggested that the commencement of the NFL season was responsible for what was admittedly an uptick in sports wagering.
The Most Lucrative Streak
Nevada has exceeded a one billion dollar gambling revenue count for nineteen months, a remarkable record by all accounts. It has seen remarkable growth since its recovery from the COVID-19 pandemic, and there’s no doubt that this will be a record-breaking year for the state. In a single nine-month period, the gambling revenue generated by the Las Vegas Strip exceeded a growth of 22%.
It’s a sign of the times, particularly as laws regarding gambling are changing for the better across the United States. In recent months, many more states have opened their doors to gambling practices, with the most recent adopters being the likes of Kansas and Massachusetts. In fact, the US betting handle is expected to pass $100bn by the end of the year.
In a statement handed to Forbes, Michael Lawton, an economic analyst with the Nevada Gaming Control Board, spoke highly of the consistent growth:
‘We have three months left in the calendar year and I’m going to go out on a limb and say this year is going to surpass last year. I like how we look for the near futur. We would have to see a significant drop off—20%—to not hit $1 billion in October. There’s nothing to support that possibility. I like our chances of continuing the streak.’
However, in another statement, this one given to the Las Vegas Review, Lawton spoke more conservatively – but still positively – about the future:
‘All markets are going to be facing difficult comparisons for the foreseeable future and we expect growth rates to moderate. However, downtown Las Vegas currently is up 4.7% calendar year-to-date over 2021, which was an all-time record for the market.’
Recently, discussions have been ongoing regarding the implementation of esports betting markets in Nevada. These discussions are being driven by the Esports Technical Advisory Committee in-state, an organisation working with the Nevada Gaming Control Board to bring about positive legislative change. There is a lot of work happening behind the scenes, all of it quite positive, and it’s all contributing to the growth of this massively lucrative market.
