The Nevada gaming industry has been on a roller coaster this year. Casinos and sportsbooks hit all-time lows in April as the coronavirus spread across the country. However, things have slowly recovered as Nevada sportsbooks saw them bring in $743 million in August.
The numbers are a 22% increase from July, which is encouraging as the state saw the MLB, NBA, and NHL play a full month of games. Although the state is down, year-over-year recovery is encouraging heading into the fall months.
Football should help with more recovery as it is the countries most popular sport.
By the Numbers
According to the Nevada Gaming Control Board, the Silver State saw $743 million for August. A lot of this is thanks to the MLB, NBA, and NHL playing a full month of games in August. This is over a 50 percent increase from July to August, although the state is still down year-over-year.
Clark County, the place where Las Vegas is located, still brought in the largest betting handle for the state at $593.9 million. Although casinos have been struggling since March, Vegas is still the cash cow for the state by a wide margin.
Sports betting has also been helping casinos stay afloat during this time. Since a limited number of people are allowed into Las Vegas casinos, this is hurting the normal amount of revenue generated from slots and table games.
Fortunately, with major sports coming back, sportsbooks save the day helping out casinos recoup some of the losses seen earlier this year. The state was fortunate to collect $78.3 million in taxes even as it is still a down month.
Will Nevada See More Recovery?
Nevada was decimated this year, thanks to the coronavirus outbreak. It happened a week before the March Madness tournament was set to begin, as it is a cash cow for sportsbooks across the U.S. Then, all major sports were shutdown until late-July as the virus continued to spread throughout the country.
Revenue slowly increased from their April lows, and July posted one of the best months since the virus broke out. Then, August saw the MLB, NBA, and NHL all play a full schedule that month, and numbers took off again.
Although they are not the same numbers from last year, this is still a huge improvement from all-time lows in April. Football is returning this fall, so September and beyond should see the continual growth to recovery.
Another thing is that Nevada has legalized online betting, but with the aura that is Las Vegas, it is not utilized as much as in-person betting. Nevada also makes you go to a sportsbook to create an account compared to other states where you can do it from home.
Las Vegas tried to help expand mobile betting by creating drive-up registration when COVID-19 first broke out. Given the circumstances, Nevada has seen an increase in online betting, but not much.
If casinos are not able to get back to max capacity anytime soon, then mobile betting will be a must.