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Nevada Collects a Record Half a Billion in Bets

Nevada Collects a Record Half a Billion in Bets

The Nevada Gaming Control Board has revealed that bets placed in the state over September are worth a staggering sum of US$558 million. This is only the sixth occasion that Nevada state has collected over half a billion dollars within a month. This colossal collection also beat the record of $557m in November 2015, the most ever taken in bets over a month.

The American football contests have amassed $370m of this total, while a further $142.4m were bets on Major League Baseball matches. Besides, industry experts believe that rapid rise in NFL and college-sports betting have contributed for over $40 million which is the highest since 2014. Also, the super boxing bout between heavyweights, Floyd Mayweather Jr. and Conor McGregor in August is credited to have played a part and pushed the betting revenues in September.

The sportsbooks in Nevada is the most significant beneficiary from the incredible betting business with a hold percentage of 11% on all bets. With the industry’s traditionally busiest months yet to be tallied, the total in bets may exceed the US$600 million mark next month.

Sports betting and gambling are primarily outlawed in the United States. Nevada has become a busy centre taking the lion’s share of an industry valued at US$150 billion. The gambling and betting industry in Nevada has been on a continual upward trajectory since the overall turnover loss back in July 2013.

The Professional and Amateur Sports Protection Act (PASPA) keep almost all states except Nevada off from the money-minting sports betting industry. Sports betting is outlawed nationwide, excluding Oregon, Delaware and Montana.

New Jersey has recently requested the Supreme Court that PASPA is lifted in the state. If the ruling comes in favour of lifting the sports betting ban in New Jersey, Nevada might not get the same share of revenue from betting.