Dog days of summer bite Nevada books for loss in July

Aug 30, 2013 |
The dog days of summer bit Nevada sportsbooks hard, leaving them -$549,000 in the hole for July, according to the latest reports from the Nevada State Gaming Control Board.

Nevada books won $3.19 million on baseball betting in July but those earnings weren’t enough to keep bookmakers in the black, with outstanding tickets on basketball betting taking -$2.8 million out of their pockets along with losses in football and sports categorized as “other”.

With baseball being the only major sport going in July, there wasn’t much money coming in on other markets. The $3.19 million brings Nevada’s baseball total to $20.6 million since the MLB season started in April.

Silver State sportsbooks took in $3.37 million on basketball in June (does not differentiate between college and NBA), which featured a seven-game NBA Finals. July’s losses are normal for books following the end of a season, since there are no bets being placed on games and only winning tickets being paid out. Books dished out -$1.57 million in basketball bets last July.

Sportsbooks on the Las Vegas Strip felt the heat in July more than most places. They paid out -$2.4 million in outstanding basketball bets while winning just $1.5 million on baseball in July. Overall, books on the Strip lost -$1.7 million in July.

“Other” sports, such as NHL, golf, tennis, boxing, MMA, were a loss for Nevada books in July after being a solid moneymaker most of the year. Statewide, the outlining markets paid out -$893,000 with books on the Las Vegas Strip suffering a loss of -$610,000. “Other” sports earned $2.6 million for Nevada books in June, $1.18 million in May and $1.9 million in April.

Overall, Nevada casinos won $925,729,767 in July, down from $1,005,877,250 the previous year. However, it was an improvement over the $792,496,546 casinos earned in June.

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