Nevada sportsbooks lose $483,000 in June, state's first losing month since July 2013

By Dave Tuley  (VSiN.com senior reporter) 

July 29, 2020 10:30 AM

Nevada sportsbooks lost a combined $483,000 in June, according to figures released Wednesday morning by the state's Gaming Control Board, due to a reported loss of $5.26 million on football.

“This was due to winning OTC [over-the-counter] football tickets being paid on previous games in June due to the suspension of operations,” Michael Lawton, senior research analyst for the GBC, told VSiN by email.

Regular readers of my monthly reports know that I often point out that the books report losses on individual sports in the months after their seasons end due to bettors taking their time in cashing tickets. This is the now the most extreme example of that as the state’s brick-and-mortar casinos were shut down March 18 by Gov. Steve Sisolak due the COVID-19 pandemic and didn’t reopen until June 4, so some big NFL or college football tickets couldn't be cashed until then.

It was the first loss by the books since July 2013, ending a run of 82 straight winning months (though technically the sportsbook win/loss category was redacted from the monthly reports for April and May).

The books did win nearly $3.3 million in the “other” category that includes UFC, NASCAR, golf, soccer and all of the other smaller sports that were running while the Big Four of football, basketball, hockey and baseball were closed. Sportsbooks also won nearly $1.39 million on baseball but just $296,000 on basketball while losing $185,000 on hockey.

Nevada’s overall sports handle in June was just $78.2 million, a drop of $243.8 million from the $322 million handle in June 2019. That was less than half of the $165 million that New Jersey reported handling in June and was also topped by the $89 million handled in Pennsylvania.

The Nevada books did win $2.3 million on $61.7 million in wagers on mobile apps, according to Lawton. That handle accounted for 79.3% of total wagers, as mobile wagering is on the increase in the state due to the pandemic.

 

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