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Nevada gambling sector thrives in November

| By iGB Editorial Team
State sees sports betting revenue rise despite bookies taking hit on baseball's World Series

Nevada’s gambling industry saw revenue rise 6.4% year-on-year in November, with total revenue for the first 11 months of 2018 topping $10bn as a result.

Nevada’s casinos reported total revenue of $967.2bn during November, driven by an increased contribution from table games and slots, which saw revenue rise 12.6% year-on-year to $332.3m and 6.7% to $634.9m respectively. 

Sports betting also performed strongly in November. The strong performance of football and basketball helped offset losses in baseball, which resulted from heavy favourites the Boston Red Sox winning the World Series. From a record total of $592.3m wagered, sports books achieved hold of 4.7%, or $27.1m.

During November football revenue was up 69.3% to $18.4m, with a win percentage of 4.9% of amounts wagered, which grew to $376.0m for the month. Basketball, meanwhile, saw revenue grow 60.9% to $10.8m, with win percent of 7.1% from total stakes of $152.7m. Other betting was down 3.9% to £1.45m from handle of $42.3m, while parlay cards were up 8.7% to $2.4m from handle of $21.2m.

Nevada’s sportsbook operators lost $5.9m on baseball in November, though this was a marked improvement on 2017, when operators reported an $11.5m loss on the sport.

The win of $27.1m is slightly higher than New Jersey’s total of $21.2m from the same month, with handle 79.1% higher than New Jersey’s $330.7m November figure.

In total, state gaming revenue was up 2.9% over the first 11 months of the year to $10.9bn.

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