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 2010, $2.76 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 $151.1 million in 2010. While more than $2.76 billion was wagered in 2010, more than 94 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 182(1) sports books.
- More bets are placed on the Super Bowl than on any other sporting event of the year, including March Madness.
- According to the Nevada Gaming Control Board, approximately $81.2 million was wagered on the 2011 Super Bowl at sports books across the state. Even though the amount wagered was comparable with the $82.7 million wagered in 2010, nearly all of the $81.2 million was returned to bettors in the form of winnings. After paying out to bettors, Nevada sports books earned only $0.7 million on 2011’s game.
- Of the total amount bet on the Super Bowl, only about 1.5 percent is wagered legally; these bets are made by those over age 21 and physically present in the state of Nevada.
- The Las Vegas Convention and Visitors Authority estimated that the 2007 Super Bowl weekend generated $109.5 million in non-gaming economic impact and attracted 287,000 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.
