July wasn’t too kind to Nevada’s sports books.
The roughly 190 sports betting locations statewide won a combined $524,000 during the month, according to figures released this week by regulators. The amount was the worst for the books since the $405,000 won in July 2014, per research from ESPN.
The $524,000 was also nearly 100 percent less than what was won in July 2016. The books retained only a meager 0.2 percent of all the money that they took in wagers. Baseball was a big reason, with the books winning less than one percent of money bet on the sport during the month. The state also paid out nearly $4 million in previous basketball bets. The NBA finals were in June.
A losing month is rare, but it happens. The last time was in July 2013 when the books lost $548,000. The books have never had a losing year since the state began tracking the revenue in 1984, according to UNLV’s Center for Gaming Research. The books won nearly $220 million in all of 2016, on a record $4.5 billion in wagers.
The result in July continues a relatively lackluster year for Nevada sports betting.
Over the 12 months prior to August, the books won $218 million, a decline of 5.6 percent compared to the same period last year. Revenue of $19.3 million between May and July was down 22.3 percent year-over-year.
In January, the books lost on football for the first time since 2013. Football is by far the most lucrative sport for the Nevada gambling sector. However, some of that was offset by record basketball wagering during March Madness this year.
When the numbers are in, August should a good month for the books, with the Mayweather vs. McGregor boxing match drawing a lot of betting interest. It’s presumed to be a big win for the industry with the heavy favorite winning the contest. Most of the money was on McGregor.
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