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August Revenue in Nevada Down, New Jersey Dominates Again
September 30, 2019 Aleksandra Zolotic
The one to dominate again is New Jersey, as Nevada fell short of the Garden State’s revenue one more. Despite the handle growth of 22.1% to $287.8m, overall casino revenue decreased below $1bn.
The total revenue of $952.4m represents the lowest figure since April. However, comparing year-on-year, it went up 4.3%, as a total of $11.78bn was wagered in the Silver State.
Numbers Go Down and Down
After falling back behind the Garden State in July…
… the sports wagering handle for the month was behind NJ again, with $293.6m.
The overall revenue from sports betting was $18.7m, which represents an increase of 62.4% year-on-year and 20.9% month-on-month. However, it was still below Garden State’s, which totaled at $25.2m.
The analysts pointed out that good results for July were thanks to NJ’s well-established position in the area. What makes this market particularly outstanding are the online products in the state.
Football Rocks the Stage
Thanks to the return of college football and the approach of the NFL football bets in the state had a 30-fold month-on-month growth. Moreover, there was a 110% year-on-year increase with $72.3m wagered.
Even though the handle fell short of baseball’s $178.9m, the state managed to acquire significantly bigger revenue on football at $12.7m compared to baseball’s $6.7m.
What contributed substantially is the fact that many football wagers placed in August were yet to pay out, allowing for a 17.5% win percentage.
Casino Revenue in Decline
Despite the rise of 31.5% in year-on-year penny slot revenue and the overall slot revenue growth of 26.3%, total casino revenue declined from July to August in Nevada. Penny slots and combined slot revenue produced the lowest revenue since February, $273.8m and $615.5m respectively.
However, penny slots were still the largest source of slots revenue, with multi-denomination slots acquiring the second-most revenue with the largest amount of money spent, at $246.4m and $5.08bn respectively.
All in all, the total wagered on slot machines was $9.56bn, which is up 34% year-on-year.
Table games, including sports betting, generated $336.9m on $2.22bn worth of wagers. This represents a 13.6% year-on-year increase in revenue and a 2.8% increase in money wagered.
The largest source of revenue among table games and the game with the most money handled…
…was baccarat, edging out twenty-one by bringing in $98.6m on a $656.7m handle. Twenty-one brought in $97.1m on $625.4m.
Clark County, where Las Vegas is situated took in the vast majority of the state’s income again. It brought $791.6m, which is up 4.7% year-on-year. The Las Vegas strip alone generated $520.7m on $5.02bn worth of wagers, up 9% and 5% respectively.
Source:
“August Nevada sportsbook handle remains behind NJ”, Daniel Oboyle, igbnorthamerica.com, September 27, 2019.
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And the winner is –NJ! I can only imagine how angry Nevada is. At least it’s a motivation for them to push even stronger and try to beat New Jersey.