Written by: Kayla Sherrell
Since the Supreme Court overturned a key federal anti-gambling policy this past summer, sports betting revenue has begun to flood into gaming establishments across the country. And to nobody’s surprise, the establishments populating America’s hub of sports and casino gambling, Las Vegas, are seeing tons of cash from sports betting – particularly as the football season kicks into high dear.
This Football Season Vegas Sportsbooks Win
It’s no secret that Americans love football, so it shouldn’t be too surprising that Las Vegas Casino sportsbooks took home their own hefty winnings this past November. Nevada sportsbooks came out $18.4 million dollars ahead on football bets, and $8.7 million on all other sports. Sportsbooks make their money by collecting a commission on losing bets, and as sports wagering enthusiasts continue to line up and place bets on their favorite sports, Vegas sportsbooks are expected to continue this upward trend. If revenues continue to grow at the current pace, the region is on track to set all-time records this year for the amount of capital wagered and amount won.
Legalized Sports Wagering Brings in Revenue for Vegas Casinos
Nevada casino shareholders were initially fearful that Vegas casinos would begin to lose business and revenue as other states move to legalize sports betting and launch their own legal sportsbooks. The numbers have shown this anxiety was uncalled for, as Vegas sportsbooks are seeing a surprising spike in revenue as opposed to a drop. In fact, it appears that if anyone has suffered as a result of the legalization, it’s the illegal bookies making bets in the shadows.
Before the federal ban on sports wagering was struck down, the American Gaming Association estimated that Americans alone were feeding around $150 billion annually into the gambling black-market. Keep in mind that local and offshore bookies have been the only options for U.S sports bettors for quite some time, nearly a quarter of a century. The prosperity of these illegal entities rely heavily on the illegal market being the only outlet to gamblers, the legal market strips away that advantage.
Up until this past May, illegal bookies have conducted business with minimal competition. However, illegal gambling establishments are now facing much more competition from local legalized gambling markets. The legal gambling market provides opportunities for sports wagering enthusiasts to continue their recreation without fear of persecution, and it’s creating opportunities for legitimate gaming across the United States.
Although these black-market gambling entities will likely not fade away quickly or quietly, it has become clear that legal gambling outlets are the future for fighting off the illegal gambling trade within the US. The pace of legalization regarding sports wagering has progressed rapidly, and if it continues it will be sure to have meaningful impacts on how Americans place their bets. For now, experts are waiting to see how the growing legalized gambling market will affect gaming on both the black market and at legitimate establishments.