OKBET CASINOS | Nevada Gaming Revenue Exceeds $1B for 18th Straight Month

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The Nevada Gaming Control Board has released a report detailing the gaming industry’s August financial performance, the bulk of which came from the Las Vegas Strip.

Eighteen Months in a Row of Nevada Gambling Wins Over $1 Billion

Compared to the $1.16 billion in wins recorded by Nevada casinos in August of 2021, this August’s haul of $1.2 billion is a gain of 3.53%. This is the eighteenth consecutive month in which sales have exceeded $1 billion.

But when compared to July’s total of $1.3 billion, August’s wins are lower at $1.1 billion, a drop of 8.3%.

Over half of Nevada’s annual budget, or $659.7 million, came from the Las Vegas Strip. The August 2021 report of $627 million showed a growth of 5.2% at this point.

Most of the Strip’s reliable income comes from the numerous visitors that go to Las Vegas every year to enjoy the city’s various shows, restaurants, and casinos.

Despite widespread fear that the gambling industry in Nevada was about to collapse, a comparison of current Las Vegas Strip wins to August 2019 shows that they are really 26.7% higher, suggesting that the gaming sector in Nevada is actually performing better today than it was before the outbreak.

Excluding the Strip’s contributions, the remainder of the gaming industry recorded an increase in earnings of 1.6%, or $8.5 million, compared to the same time in the previous year. The August numbers reversed a trend of annual declines that had persisted for the previous four months.

Payouts by Game Format

Every genre of gaming saw year-over-year growth in August.

Slot machine revenue in Nevada increased by 2.5% year-over-year to $847.1 million in August. There was a 6% rise from August 2021 to September 2021 in table and card gaming winnings, totaling $361.4 million. Year-over-year growth in baccarat wins was 3.9%, reaching $96.7 million.

The income from sports betting was also up from August 2021 levels. The total amount won via sports betting was $16.1 million, up 12% from the previous year. However, in August 2021, the hold percentage was 3.35 percent, and in August 2022, it was 3.93 percent.

The overall handle for the month of August amounted to $408.7 million, down 4.4% from the same month last year.

Mobile app sports betting witnessed a 14.8% increase in wins year over year, to $9.9 million, on a handle of $292.9 million, a decline of 1.3% year over year. The Nevada Gaming Control Board found that mobile sports wagering accounted for 71.7% of all sports betting transactions.

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