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Nevada Generates More than $20 Million during January
- March 24, 2020 By Riley Wilson -
The Nevada Gaming Control Board (NGCB) has recently posted its latest financials, revealing the Silver State recorded a 36% rise in revenue in January to $20.2 million.
According to data provided by the NGCB, players in the state spent a total of $502.5 million in the first month of this year. That‘s 1.1% when compared to the same period of the last year, although it does represent a drop from $571.2 million in December 2019.
Online Gambling Is Becoming More and More Popular
Market experts estimate we could be in for a slow down in 2020, due to the Covid-19 outbreak and the cancellation of sporting events.
Still, revenues from sports betting and online betting continue to improve, especially as the latter is becoming more and more popular. Online gaming has already been legalized in a number of states, while many others are examing their options in hope of bringing additional money to state coffers. That‘s why we can look forward to more and more states allowing iGaming in the future.
It should be noted that the January 2020 report was the first one to include mobile revenue. This segment earning a total of $11.2 million.
Betting on NBA Leads the Way
NBA betting was responsible for the biggest portion of the state‘s income, bringing licensed operators $12.5 million. The final game of the NFL season – the Super Bowl – also contributed to the overall growth, although operators paid out several hefty wins to their customers. The NHL earned $1.4 million, with horse racing and other forms of racebooks contributed with $2.7 million.
At the same time, wagering on ice hockey amounted to $1.4 million, whereas racebooks for horse racing generated $2.7 million.
When it comes to baseball revenue, many huge wins led to operators recording a downfall in revenue of $1.9 million.
Nevada was among the first states to offer its residents legal iGaming, as well as mobile wagering, which proved to be a smart move since this form of gambling has become extremely popular.