Despite its decline in national prominence as legal sports betting has expanded to over 40 states and Washington, D.C., Nevada remains the nation’s legacy sports betting state.
However, the state hasn’t made any money.
Over the past four years, Nevada sportsbooks have set 12-month revenue records, with 2024 seeing the most revenue of about $482.1 million. The state’s sportsbooks have made $225.4 million so far this May, which is over 8% more than they did a year ago.
But on a national scale, that is a drop in the bucket.
The American Gaming Association reports that countrywide sports betting revenue increased by 25% from 2023 to $13.7 billion in 2024. The total as of April is close to $5.1 billion, up approximately 11% from the previous year.
The sports betting scene would change significantly if it were permitted in Texas or California, the two biggest states where it is not practiced, according to analysts.
At an Indian Gaming conference in San Diego in April, DraftKings CEO Jason Robins declared, “California is the one [state] that can have the biggest impact on our growth long term.”
When it comes to legal Super Bowl betting, Nevada has long been the watchdog. In February, however, that changed.
New Jersey ($168.7 million) and New York ($154.9 million) outstripped the state’s sportsbooks, which received $151.6 million in betting on Super Bowl LIX in New Orleans. If it’s any comfort, Nevada’s bookmakers won $22.1 million from the event, setting a single-year revenue record.
According to an email sent to The Nevada Independent by gaming expert Steven Ruddock, who writes the Straight to the Point newsletter, he first believed that Nevada would gain from the wider legalization of sports betting “by creating a bigger pool of sports bettors and increasing sports betting tourism.”
But he said that the retail sports betting market “has been an overall disappointment,” with a number of well-known establishments shutting. FanDuel declared earlier this month that it will shut down its sportsbook at the PHX Arena in downtown Phoenix.
“The demand for sports betting vacations will continue to decline as more bettors grow accustomed to online betting,” Ruddock stated. “When you combine that with growing prices, particularly on The Strip, Las Vegas isn’t as desirable as it once was as a place to bet on sports.”
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