Nevada Sportsbook Sets State Record For Basketball Grip, Wins March – VSiN Exclusive News – News

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Nevada sportsbooks set all-time basketball records and won in March, according to numbers released Thursday morning by the state’s Gaming Control Board.

The books managed $708.6 million on sports (note: the GBC doesn’t separate college and professional basketball, but obviously most of it was due to March Madness) and grossed $47.8 million dollars to bettors. Michael Lawton, GCB’s senior economic analyst, told VSiN in that email that “operators have told us that traditionally the NCAA Tournament accounts for about 70% of March basketball write-ins,” which would put the college to about $500 million. Whichever way you look at it, Nevada’s sports book industry continues to thrive despite increased legalized competition from coast to coast, especially during major tourist events like March Madness and the Super Bowl. For the entire month of March across all sports, Nevada sportsbooks managed $863 million, an increase of 34.7% from March 2021. Total management ranked third in the nation behind New York ($1.6 billion) and New Jersey ($1.12 billion). Nevada reserves $36.9 million in total for the month, down 6.15% from last March, mainly due to the books holding (winning) only 4.28% of bets compared to 6 .14 ​​last year. The late and great comedian Norm Macdonald (whom I just learned today was a follower of my @ViewFromVegas account) hosted a sports comedy show in 2011 called, aptly, “Sports Show with Norm Macdonald “. He had a running gag called “Wait, what?” and he would certainly have said that if he had seen Nevada sportsbooks win $47.8 million in basketball, but only $36.9 million in total. But there is a logical explanation. The GCB reported that the books ‘lost’ nearly $17.5 million on football in March, which doesn’t make sense as the USFL hasn’t even started yet, but that’s due to the fact that people were cashing in tickets they had from the college and pro football season. (and probably most of them returning to Nevada for the first time since then for March Madness). As for other sports, Nevada won $3.8 million from bettors in the “other category” which includes all other sports besides the Big Four, $2.98 million on hockey and lost $321,000 on baseball (shortened spring training, plus likely some cashed tickets from last season). as well). As sports betting continues to thrive despite increased competition, Nevada casinos are also rebounding well from the pandemic as casinos across the state combined to have their second-best March with a total win of $1.355 billion. dollars in gambling revenue (just short of the all-time best month of $1.359 billion in July 2021). It was also the 13th consecutive month that Nevada topped $1 billion.

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