Last week, the American Gaming Association (AGA) issued its findings after assessing the players’ behaviour in the legal US betting market. The report showed that more than half of the US players were betting with legal operators. However, due to the closure of some major sports events, some US states saw a sports betting revenue decrease in May and June. For example, we gave you an update of the Indiana sports betting situation where sportsbooks fell more than 20% in June.
The similar situation applies to Nevada, where the June report showed a loss of $483,000, which is a rare occurrence for the state. On the other hand, the sports betting trend in Colorado continues and the state reported a revenue increase for the second month of legal sports betting.
Nevada loss was from bettors cashing old football tickets
Two months after the state was releasing revenue figures without sports betting numbers, the Nevada Gaming Control Board reported a sports betting revenue loss of $483,000 for June. This is a rare situation in Nevada as the sportsbooks in the state reported their first monthly loss in almost seven years. Michael Lawton, a senior research analyst at the Nevada Gaming Control Board, said that the loss was as a result of bettors cashing old football tickets in June, worth about $5.3 million. Plus, the casinos in Nevada were closed since mid-March and reopened in June.
The Board published sports betting figures for the first time since March. As the Board stated, due to the extremely limited amount of reported gaming revenue for May 2020, several portions of the monthly report have been redacted. In other words, the state has a strict, in-person registration rule for sports bettors, but the casinos in Nevada were closed. Therefore, there were a few sports bets placed in April and May.
The total sports betting handle in Nevada saw a decline of 75.7% in June 2020, compared to June 2019 figures. Most of the June 2020 revenue comes from mobile sports betting, which is 79% of the total handle. While the second-quarter numbers for Nevada sports betting were low, there might be a chance for a revenue increase in the following month, as many sports events are returning. So, as long as Nevada casinos stay open, it’s expected that the state will quickly recover from these figures.
Colorado sees a great increase in the second month of legal sports betting
While some of the US states report low figures for the previous months, Colorado saw a 49% revenue increase in sports betting in June, the second month of having legal sports betting in the state. According to the Colorado Division of Gaming, the June figures were based on six online operators and one retail sportsbook.
When sports betting went live in May, only four online sportsbooks were operating in Colorado and the betting options were limited. However, the Colorado Division said that additional operators have recently entered the market, which led to the revenue increase. In addition, the land-based casinos in Colorado are now opened, so it’s expected that this trend will continue and the state will also see a revenue increase in the following months.