As Betting Ban Vanishes, What Happens in Vegas Won't Stay There
(Bloomberg) -- Viva the tri-state area.
Monday’s Supreme Court ruling will allow states to legalize betting on individual games, stripping Nevada -- and the Las Vegas Strip -- of its monopoly. As many as 22 states are expected to pass legislation opening the door to sports gambling, according to S&P Global Ratings.
And three of the biggest winners could be the states surrounding the Big Apple: New York, New Jersey and Connecticut. They already have off-track betting facilities and casinos with existing sports gambling legislation, putting them ahead of the pack, S&P says.
Nevada reaped about $75.7 million in fees alone from statewide gambling in March. But that figure has already been falling. It dropped about 5.7 percent from a year ago and could decline further after sports gambling goes legit elsewhere.
Of course, the biggest prize in the sports-betting world is the Super Bowl. Nevada saw $158.6 million wagered on this year’s game at its 198 sports books.
East Coast gamblers will soon be able to head to venues closer to home for their Super Bowl fix. But if there’s one constant, it’s that most of them will probably lose money.
With the Super Bowl, Nevada’s sports books have posted a median winning percentage of 7.6 percent between 2009 and 2018, for a total payoff of about $74.9 million.
Even as gambling spreads to new states, the old maxim of the casino industry holds true: The house always wins.
©2018 Bloomberg L.P.