The Nevada sports betting business is alive and well in Las Vegas and throughout the state despite the absence of what was essentially a legal monopoly in the industry.
No Monopoly, No Problem
The Professional and Amateur Sports Protection Act of 1992 did little to protect the integrity of professional and amateur sports but was the sentinel at the gate for the lucrative sports betting scene in Las Vegas and the surrounding areas of Nevada.
Therefore, it was only natural that sportsbooks in the Silver State were trepidatious concerning the possible elimination of the one law that perpetuated their virtual stranglehold on regulated sports betting in the United States.
However, a funny thing happened after the Supreme Court of the United States overturned the law by a vote of 6-3 and deemed it unconstitutional. Thus, the individual states now had the authority to legalize, regulate, and tax sports betting and not the federal government.
And so it was that sports betting was delivered to the masses, a reach that was far greater than any marketing campaigns Sin City could have promoted. Where once the target audience was the sole province of gamblers, it was now marketed to everyone, even those who were previously unaware they had an appetite for backing up their opinions with a bit of cold, hard cash.
Embracing Competition
Think of it this way. You’re the only one selling ice cream in your little neck of the woods and business is brisk, but now a company like Ben & Jerry’s comes along and is selling a version of your product at any one of their 200-plus stores.
You thought competition was the end of the world but now you realize millions of people that never heard of your product are suddenly potential customers. And because you were first, they are making your little shop a tourist destination, and business is better than you ever imagined. This is the epiphany Nevada has had since sports betting went mainstream in the U.S.
By the Numbers
The same year that PASPA was overturned, Nevada sportsbooks’ handle surpassed $5 billion for the first time in 2018 and set another record the following year with $5.3 billion in total wagers.
Of course, the COVID-19 pandemic flattened the economic curve with casino closures but it rebounded with a vengeance once the government mandates were lifted and the state’s gambling palaces were allowed to reopen. In 2022, the state’s casinos took in a staggering $8.7 billion which is triple the amount it did less than 15 years ago.
“The general health of the sports betting industry in Nevada has never been stronger,” Gaming Control Board senior economic analyst Michael Lawton said.
Factors Driving Industry Popularity
Station Casinos sportsbook vice president Jason McCormick listed several reasons for the stunning rise in sports betting popularity in the Silver State. “The ease and access our Nevada patrons have to be able to place their wagers on mobile and kiosks, as well as over the counter, has made it that much more efficient for people to be able to make their bets,” he said.
McCormick also alluded to the obvious when he talked about the mainstream media now delivering gambling angles on every sporting event in the United States following the legalization of sports betting in 34 states and counting. “They’re not as intimidated by sports wagering,” he said. “We have so many more people visit our great state now that venture into sports wagering.”
The public’s appetite for having a financial, and not just an emotional, investment in sporting events continues to grow and so too will Nevada’s sports betting handle.
Calculators
