Sports Wagering
There are many myths associated with sports wagering in Nevada – the only state where it is legal, regulated, policed and taxed. The following are the facts about sports wagering:
Overall, Nevada’s legal sports wagering represents less than 1 percent of all sports betting nationwide. In 2012, $3.45 billion was legally wagered in Nevada’s sports books; the National Gambling Impact Study Commission (NGISC) estimated that illegal wagers are as much as $380 billion annually.
Gross revenue for Nevada’s sports books was $170.0 million in 2012. While more than $3.45 billion was wagered in 2012, more than 95 percent of all bets placed were returned to patrons in winnings.
Legal sports wagering helps bring more than 30 million visitors to Nevada each year and provides employment for thousands of people.
Approximately two-third of all sports bets in Nevada are place on professional, non-college sporting events.
The FBI estimates that more than $2.5 billion is illegally wagered annually on March Madness each year.
Comparatively, sports book operators estimate $80 million to $90 million—less than 4 percent of the illegal take—is wagered on the tournament legally through Nevada’s 216(1) sports books.
More bets are placed on the Super Bowl than on any other single day sporting event of the year, however more is wagered during the first four days of the men’s March Madness tournament.
According to the Nevada Gaming Control Board, approximately $98.9 million was wagered on the 2013 Super Bowl at sports books across the state, but most of that figure was returned to bettors in the form of winnings. After paying out to bettors, Nevada sports books earned $7.2 million on 2013’s game.
The Las Vegas Convention and Visitors Authority estimated that the 2012 Super Bowl weekend produced $106.2 million in non-gaming economic impact and attracted 310,000 visitors.
According to Christiansen Capital Advisors (CCA), which tracks Internet gambling, online sports betting generated $4.29 billion in revenues in 2005. This is more than double the $1.7 billion generated by online sports betting in 2001.
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