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Nevada Sportsbooks Take Heavy Beating from Corona Virus

las vegas loses money

April 29th 2020

One year ago, things couldn’t have been better for sportsbooks in the state of Nevada. They booked a record $596.7M in bets for the month of March. Flash forward one year and Las Vegas and the state of Nevada record their lowest handle (total $ in bets placed) numbers in decades. $141M was the final total for bets placed in March 202 at Nevada sportsbooks. The obvious effects of the corona virus pandemic.

Sportsbooks reported a combined $1.45M profit in March 2020 vs their average $20M profit fro recent years. $18.5M has basically been sucked right out of the sportsbook economy.

Some sports bets are still trickling in via online and mobile betting apps. But the ticket counters at sportsbooks are closed.

The mayor of Las Vegas has made a case to open the city again, basically saying that the city will be in ruins if they don’t re-open soon. Her pleas have made national news. But her proposals have been rebuked by Nevada governor Gov. Steve Sisolak.

The bottom line is that every industry is hurting in the United States but none moreso than the hotels, casinos and sportsbooks of Nevada.

 

 

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