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Howard Stutz
 

Sports wagering has record month in Nevada

13 December 2010

LAS VEGAS, Nevada -- Buried within all the good news surrounding October's statewide gaming revenue figures was the performance by the race and sport book industry.

Nevada casinos saw gaming revenues jump 11 percent in October while casinos on the Strip reported a 16 percent increase.

Sports book operators statewide collected gaming revenues of $35.7 million during the month, a jump of 113.2 percent compared with October 2009.

The amount wagered on sports betting increased 9.4 percent to $352.9 million, the largest handle ever in the month of October.

Gaming Control Board research analyst Mike Lawton had several reasons for the increases.

First, the hold percentage by sports book operators was slightly above 10 percent, when the average is usually 6.5 percent. Also, mass-market customers seemed to be a little freer with their spending habits during the month, especially on college and professional football.

And, the wagering offerings, including the various in-game betting options offered by different sports books, seemed to be picking up interest.