Those thinking they’ll outsmart bookies by betting more obscure sports appear to be sadly mistaken; casinos are keeping nearly twice as much of the money bet on “other” sports as good old-fashioned baseball. There was one glaring exception: 1996, when casinos took a bath on Evander Holyfield’s upset of Mike Tyson. Holyfield opened as a 25-to-1 underdog, and so much money came in on him that the line moved all the way to 5-to-1. (Similar action led to similar exposure in last year’s Conor McGregor/Floyd Mayweather fight. Casinos stood to lose millions if McGregor had won, but Mayweather’s victory allowed the casinos to bring in almost twice as much in “other sports” revenue in 2017 as they did the year before.)
Regardless of which sport(s) they’re betting on, though, today’s sports fans are betting, and losing, more than ever.
In 1984, the first year for which Schwartz has data, 51 sports betting locations kept 2.34 percent of the $894.6 million bet, for a total casino win of $20.9 million. In 2017, 192 locations kept 5.11 percent of $4.9 billion wagered, for a total win of $248.8 million.
So, in light of the Supreme Court decision, are Nevada casinos worried about an influx of sportsbooks cutting into their bottom lines? Probably not. In the context of the greater gambling industry, the sportsbook is relative chump change.
According to the Nevada Gaming Control Board, the 24 major Vegas Strip casinos generated $70.3 million in sports betting revenue last year — just 1.26 percent of their $5.56 billion overall gambling revenue. For comparison, slot machines pulled in a whopping $2.8 billion.
Legislators in states where sports betting will soon be legal, may be seeing dollar signs as the dust settles on the Supreme Court’s decision — imagining a $150 billion pot of gold ready to be taxed. But though Americans seem ready and willing to hand their money over to sportsbooks, it remains to be seen just how much money that will be.
https://fivethirtyeight-com.cdn.ampproject.org/v/s/fivethirtyeight.com/features/the-supreme-court-made-it-easier-for-more-people-to-place-bad-sports-bets/amp/?amp_js_v=a1&_gsa=1&usqp=mq331AQCCAE% 3D#amp_tf=From%20%251%24s&share=https %3A%2F%2Ffivethirtyeight.com%2Ffeatures% 2Fthe-supreme-court-made-it-easier-for-more-people-to-place-bad-sports-bets%2F
Regardless of which sport(s) they’re betting on, though, today’s sports fans are betting, and losing, more than ever.
In 1984, the first year for which Schwartz has data, 51 sports betting locations kept 2.34 percent of the $894.6 million bet, for a total casino win of $20.9 million. In 2017, 192 locations kept 5.11 percent of $4.9 billion wagered, for a total win of $248.8 million.
So, in light of the Supreme Court decision, are Nevada casinos worried about an influx of sportsbooks cutting into their bottom lines? Probably not. In the context of the greater gambling industry, the sportsbook is relative chump change.
According to the Nevada Gaming Control Board, the 24 major Vegas Strip casinos generated $70.3 million in sports betting revenue last year — just 1.26 percent of their $5.56 billion overall gambling revenue. For comparison, slot machines pulled in a whopping $2.8 billion.
Legislators in states where sports betting will soon be legal, may be seeing dollar signs as the dust settles on the Supreme Court’s decision — imagining a $150 billion pot of gold ready to be taxed. But though Americans seem ready and willing to hand their money over to sportsbooks, it remains to be seen just how much money that will be.
https://fivethirtyeight-com.cdn.ampproject.org/v/s/fivethirtyeight.com/features/the-supreme-court-made-it-easier-for-more-people-to-place-bad-sports-bets/amp/?amp_js_v=a1&_gsa=1&usqp=mq331AQCCAE% 3D#amp_tf=From%20%251%24s&share=https %3A%2F%2Ffivethirtyeight.com%2Ffeatures% 2Fthe-supreme-court-made-it-easier-for-more-people-to-place-bad-sports-bets%2F
