Nevada sportsbooks lose 483K in June, ending 83-month profit streak

Every winning streak is destined to end.

The Nevada sportsbooks had theirs end in June, breaking an 83-month profitable stretch. They suffered a net loss of around $483,000, according to revenue figures released by the Nevada Gaming Control Board on Wednesday.

It is the first statewide loss since July 2013, when the books lost $548,000.

There are several driving forces behind the poor month of June for Nevada’s sportsbooks. More than $5.2 million in outstanding football bets were cashed, according to ESPN’s David Purdum.

Sportsbooks were physically closed in April and May due to COVID-19, so bettors were eager to cash tickets upon the books’ re-opening. Betting options were limited the last few months, so professional bettors made up a more significant portion of wagers placed at sportsbooks than normal.

Casinos’ net gaming win from April through June was down 80% year over year, as just over $134 million was bet with Nevada books during those months. Last year, $327.4 million was wagered in April alone.

Purdum said New Jersey sportsbooks reported taking $165 million in bets in June, while Nevada only took $78.2 million.

Nevada’s sportsbooks have only had 34 losing months since the Nevada Gaming Control began releasing monthly revenue reports in 1989. The largest loss came in February of 1999, as books lost $33.7 million. The state’s sportsbooks are up $4.5 billion since 1984, according to the UNLV Center for Gaming Research. T

he casinos still did fine outside of sports betting in June. Penny slots — the usual leader — made $174.7 million off bettors. Blackjack ($54.5 million), baccarat ($47.5 million), craps ($19.9 million) and roulette ($16.5) all profited for the casinos as well.

Nevada’s sportsbooks profited on baseball bets in June, with the action coming primarily from the Korean Baseball Organization. They also came out ahead in the “other” sports category, which includes golf, auto racing, MMA and boxing. The loss of football wagers cashed by bettors offset all
of those wins, though, leading to the small loss.

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