With Las Vegas at its hub, it has been revealed the sportsbook industry across Nevada has had a record month when it comes to counting their winnings. The industry has witnessed substantial growth over the last few months, and now the sportsbook winnings has reached $61.8 million for the month of November.
An Increase Registered in the Millions
The industry saw an increase from the previous best of $56.4 million, but the fact that the previous record was achieved back in 2018 is impressive.
The increase has been put down to the influx of betting on football since there were five weekends of play throughout the month of November. More than $500 million was wagered across both the NFL and college football, and those kinds of figures are going to make a difference.
Underdogs Reign Supreme
If five weekends of football wasn’t enough, it turns out that the underdogs had a good month as well in games. In fact, underdogs went 42-28 against the spread throughout November, and that is great news for sportsbooks companies. After all, most people tend to bet for the favorites, so a run of the favorities losing always means more profit for the betting companies.
Also, some experts have even pointed at two major games where sportsbook companies did hit a home run. New Orleans Saints walking over Tampa Bay is one game where people bet heavily on Tampa. The same goes for the Patriots against the Ravens where a Patriots victory came as a shock even though it was good news for the industry.
Total Bets Income
To show the size of football, it turns out that the entire betting income across Nevada was $609 million showing how football took up the majority of that figure. This actually represents a drop of 0.8% on figures for November 2019, and that’s also another surprise.
However, it’s less of a concern when you consider November would normally have not only football but also the NBA and NHL. Of course, both those leagues have been late in launching, so the fact that the drop is only 0.8% does show the overall strength of the betting market across Nevada.
Casinos and Their Income
But what about casinos in Las Vegas and sports? Well, considering they are operating in a reduced capacity, and have been for some time, then it’s not a shock to discover that casinos won more on sports than it did on blackjack for November. At $58.1 million, the figure may not be as big as some would imagine, and it is due to the restrictions in place, but it does indicate that sports betting across Las Vegas is on the rise.
It’s going to be interesting to see the income figures for the next couple of months with both the NBA and NHL kicking off their seasons. That’s going to elevate interest in sports betting to new heights, and with the continued restrictions on casinos, then the odds of casinos winning more on sports than a multitude of other games remain high. Don’t be surprised if that monthly figure breaks through the $600 million mark once more.
