Hold onto your seats! The reign of football as the supreme sport for betting in Nevada is shifting. While football remains the most favored sport for bettors nationwide, with 81% of gamblers placing wagers during last October’s football season, the narrative has changed in Nevada. The state has witnessed a significant shift in betting preferences, particularly in 2022.
A Historic Shift: Basketball Takes the Lead
For the first time since records began in 1998, the Nevada Gaming Control Board (NGCB) reported that more money was wagered on basketball than on football last year. Bettors in Nevada placed a staggering $2.84 billion on basketball, encompassing NBA, WNBA, and college basketball. In comparison, the total amount wagered on both professional and college football was slightly lower at $2.786 billion.
This revelation is surprising for many, considering football has traditionally dominated the sports betting scene for decades. Historical data shows that since 1992, a total of $41.2 billion has been wagered on football, while basketball has lagged behind at $29.8 billion. The shift towards basketball betting is a relatively recent development. Michael Lawton, a senior economic analyst at the NGCB, noted that over the last decade, basketball’s growth outpaced that of football, with a compound annual growth rate (CAGR) of 11.7% compared to football’s 6.2%. However, it was only in 2022 that basketball finally eclipsed football’s total.
Despite this change, Lawton emphasized that the trend isn’t uniform across the entire industry; many sportsbooks in Nevada still recorded higher wagering amounts for football than basketball last year.
Football’s Profitability Persists
Despite the surprising shift in total wager amounts, football betting remains crucial for Nevada sportsbooks. Even though more was bet on basketball in 2022, football proved to be more profitable for the state’s sportsbooks. They won $165 million from football wagers, equating to a 5.95% win rate, while basketball brought in only $118 million, translating to a lower 4.17% win.
Since 1989, Nevada sportsbooks have amassed $2.1 billion from football bets, in contrast to basketball’s $1.5 billion. The increasing amount wagered on basketball could either be a temporary anomaly or an early sign of a more lasting trend. Lawton expressed the importance of monitoring this situation to determine whether it signals a fundamental shift in the betting landscape.
Nevada bettors have not abandoned football; in fact, 2022 set a record for the total amount wagered on football. Instead, it appears that bettors are simply increasing their wagers on basketball more than ever before.
What Lies Ahead for Nevada Sports Betting
The sports betting environment in Nevada is expected to continue evolving, which could bolster revenue for sportsbooks across the state. Currently, in-person registration is required for sports betting apps in Nevada, leading to less than 70% of wagers being placed via mobile devices each month. In comparison, other states with less robust retail sportsbooks see upwards of 95% of wagers placed online.
This discrepancy has implications for how much Nevada sportsbooks earn from the total amount wagered. Historically, sportsbooks in Nevada have held between 4% and 7% of all money wagered, while sportsbooks outside of Nevada are already seeing a hold of more than 8%, a trend that is on the rise.
Five years after the repeal of PASPA, Nevada’s sports betting apps lag behind those in other states. However, this situation benefits Nevada bettors, as out-of-state apps often feature appealing parlays that lead to higher losses for players.
The coming year looks promising for sportsbooks, especially with Caesars launching a new app offering innovative wagering options aimed at increasing their win percentage. The company also plans to release similar technology for its William Hill app ahead of the football season.
According to Eilers & Krejcik Gaming, over the past three months, 56.2% of all sports bets placed were with Caesars and William Hill. The new apps are expected to boost revenue for the company, with football season expected to see an increase in both wagers and profits.
With new wagering options in place, football may regain its footing over basketball in 2023, continuing the dynamic and ever-changing nature of sports betting in Nevada.
Source : https://www.playnevada.com/8555/most-money-2022-bet-on-basketball-in-nevada/
