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"The Business of Betting"
As much as 25 percent of illegal wagers placed on college basketball games each year comes during March Madness. Sports book operators estimate $80 million to $90 million — less than 4 percent of the illegal take — is wagered on the NCAA tournament legally through Nevada’s 216 sports books.
Poker Revenue in Nevada
The House always wins right? Statewide poker revenue in Nevada for calendar year 2014 was $119.9 million. Good, but a 3% drop off from the $123.9 million in poker revenue in 2013. The last time Nevada’s poker revenue was below $120 million was in 2004. The record? 2007 - $168 million. In terms of tables, 2014 saw an average of 736 tables in Nevada. Last year, there were 774 poker tables. Overall gaming revenue in Nevada in 2014 was $11.02 billion, down from the $11.14 billion in 2013. Poker is just a minuscule part of the Silver State gaming industry.
"I just told him, 'it's tough to play basketball with a broken arm.'"
- Henry Hill, mobster, on the Boston College point shaving scandal.
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$3.2 Billion Wagered
According to the Nevada Gaming Commission, $3.2 billion was wagered in sports bets in the state’s casinos in 2011. Of that amount, $1.34 billion or 41 percent was handled just for football. Sports fans bet a record $98.9 million on Super Bowl XLVII. After paying out to bettors, Nevada sports books earned $7.2 million on 2013’s game.
Did you know?
The financial planning website Mint estimates that more than $8 billion is wagered every year on the Super Bowl alone, with an estimated 200 million people making wagers on the outcome of the game worldwide.
CNBC reports between $60-70 billion is illegally wagered on college football each year.
The Fantasy Sports Trade Association (FSTA) found that $1.18 billion changes hands between players through pools each year.
Sports Books Win Big in 2015
The Silver State recorded $116 million in wagers on the 2015 Super Bowl, won by the Patriots 28-24 over Seattle. Sports books netted a profit of $3.26 million.
Did you know?
Nevada has 191 sports books. The entire gambling industry in the state is roughly $11 billion.
* Results in Nevada for past 10 Super Bowls (below).
Sports betting isn't big business? Wanna bet? The numbers out of Las Vegas are staggering. Plus, how much is bet on the Super Bowl? And, how well do poker rooms do in Nevada?