Although it is no surprise that Las Vegas continues to rake in millions every month from visitors losing to slot machines, November of 2015 was a record setting month in sports betting profits as well. Sin City has always been known for its ability to empty vacationer’s pocket books. However, the daunting new statistic marks a new height for the casinos and a new low for sports bettors heading into the new year. In total game loses, November 2015 kept just over $944 million of gamblers’ money.
Slots Still Number One Cash Cow
According to the Nevada Gaming Control Board, Las Vegas revenue made in casinos has risen nearly eight percent in a one year period. The slot machines take the cake when it comes to profits in Las Vegas casinos. Michael Lawton, an analyst for the Nevada Gaming Control Board, spoke to the Associated Press on the leading cause of revenue increases quoting “the slots came in strong.” Slot machines took in a 13 percent increase in bets ranging over $596 million in November alone. A majority of gambling vacationers have not been satisfied by the slot machines at popular strip casinos and resorts. With an assumption that the newer slot machines pay out less often, many travel to Downtown Vegas to play the older slots. The NGCB stated that there was a 30 percent increase in Downtown Vegas slot machine revenue from the previous year.
Sportsbooks Not Far Behind
As each year goes by, more and more sports fans are placing bets in Las Vegas. The recent study found that Vegas sports books continue to raise the bar, beating last year's record-setting revenue total by nearly $21 million. The sportsbook total of $557 million has sportsbook directors happy with quotas. Many sportsbook managers are speaking the consensus that both college and professional football are dramatically growing in popularity when it comes to gambling. A fundamental reason for such success in Las Vegas sportsbooks is attributed to the banning of Daily Fantasy Sports betting, which is completely illegal in the state of Nevada. You can believe that major casino owners and board members fully support the ban and will continue lobbying for a DFS-free future in the United States.
In other gaming categories, games such as blackjack, roulette, and craps rose in revenue gained as well as total amount wagered when comparing to the year before. The new record in November has many other variables to consider when analyzing the data. Lawton expressed that timing played a significant role, with November acquiring weekend revenue rolling over from October by beginning on a Sunday. Also, the month ended on a Monday, withholding its winnings from the last weekend. One should also note that gambling increases just before the holidays. In total, the amount wagered within the state was $8.5 billion. Perhaps further regulation in Nevada could result in more future winners rather than record-setting heights for casinos moving forward into 2016.