The numbers are in for the month of November when it comes to the sports betting industry of Nevada, with reports showing the month brought in a $528 million handle. This is an increase when comparing year on year totals but a decrease from October. For November, the state saw an increase of just over 5% when comparing totals to the same month last year, but far less was generated when looking at the October handle of $565 million.
The Major League Baseball postseason was in full swing in October, which helped the state to see higher numbers during the month. For November, the state saw baseball losses of $11.5 million as the season finished up on the 1st of the month with the Houston Astros claiming the World Series win over the Los Angeles Dodgers. In total, sportsbooks of Nevada saw a profit of $9.82 million by holding 1.86%.
In a report via Sportshandle.com, Nevada Gaming Control Board Tax and License Division Senior Research Analyst Michael Lawton stated that the baseball loss was contributed to by several factors including Game 7, tickets cashed in from previous games and payouts that were made on prop bets involving who would win the World Series.
According to Lawton, it was expected that the losses would be high due to large bettors seeing success, but it was not anticipated that over $11 million would be lost. The baseball loss was actually a new all-time record to the negative, going back as far as November 1999 when the state saw a much lower loss of $6.2 million.
Within the revenue report for November, football also had a tough month, in both the NFL and college categories. With week seven to week twelve, the favorites listed at sportsbooks were able to cover a 68% rate and while the sportsbooks still managed to win, the underdogs caused the industry to take a hit.
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