Nevada Sportsbooks Take Loss For First Full Month Since 2013
- Nevada sportsbooks report a loss in a month for the first time since July of 2013
- Sportsbooks lost $483,000 in the month of June
- Sports betting is expected to rebound with the return of major American team sports
For the first time in seven years, Nevada sportsbooks took a loss last month. According to the Nevada Gaming Control Board, Nevada sportsbooks took a net loss of $483,000 in the month of June. This marked the first time since July of 2013 that Nevada’s sportsbooks took an overall loss. That year, sportsbooks were down $548,000.
This news comes exactly a year after sportsbooks in the state reported winnings in excess of $16.5 million. The Nevada Gaming Control Board’s announcement said the primary reason for the huge loss for sportsbooks was the lack of football action. While the seasons are not scheduled to start until September, bettors typically place large amounts of futures wagers on the sport in June and July.
Lack of NFL Action Hurting Books
However, with both the NFL and college football seasons very much up in the air as a result of the public health crisis sweeping the United States, bettors have largely stayed away. Futures bettors typically take advantage of the summer months in the aftermath of the NFL Draft and the free agency period.
People are also beginning to cash their winning tickets from last season now that casinos are starting to reopen in Nevada. The state’s Governor ordered the closures of all casinos in the state back in March. As a result, more than $5 million worth of winning bets from last season were cashed at Nevada sportsbooks in June.
Casinos started to reopen in June with strict health protocols in place, but the industry has still been hit hard by the lack of sporting action over the past few months. However, things are starting to trend back in the right direction now that American team sports are returning.
Return Of Other Sports Should Boost Interest
Major League Baseball started its 60-game regular season last week, while the NBA’s stalled 2019-20 season resumed on July 30. The NHL is expected to begin its own expanded playoffs on Saturday.
Around $134 million was bet on sports in Nevada from April through June, which represents a sharp decrease from last year’s numbers. In April of 2019 alone, over $327 million worth of sports bets were placed.
Nevada certainly isn’t the only state whose sports betting industry has taken a hit, of course. New Jersey, which has become Nevada’s primary rival in the industry since the Supreme Court struck down PASPA two years ago, reportedly took $165 million worth of sports bets in June. Nevada took $78.2 million worth of wagers in the same month.
Books Still Profited in Baseball
The primary source of betting action for Nevada in June was baseball, primarily the Korean Baseball Organization, whose season started in April. Sportsbooks reported a profit on baseball action as well as the “other” category that includes golf, combat sports, and auto racing. Still, the football bets wound up leaving Nevada’s sportsbooks with a deficit for the month.
Nevada sportsbooks reported a profit of just under $1.4 million in baseball bets in June. That comes a year after the books won over $10 million in June of 2019 on baseball alone. Through the first three months of 2020, Nevada sportsbooks reported $59.7 million in profit. THat was down considerably from $83.2 million through the first three months of 2019, and the cancelation of the NCAA basketball tournament is the primary factor. March Madness is one of the most popular betting events on the sports calendar every year.