The Nevada Gaming Control Board (NGCB) has released its latest monthly revenue report revealing that the state’s gambling operators recorded over $1.35 billion in gaming revenue for the month of March, the second highest total in the state’s history.
During March, over $12 billion was wagered on slot machines across the state.
March was the 13th month in a row that the Nevada’s casinos and gambling operators generated more than a billion in a month. The latest figures also mark an increase of 22.7% on the previous month’s total of $1.1 billion and 26.8% higher that March 2021’s total.
The Strip’s casinos reported gaming revenue of $746.2 million which was a 48.8% increase year-on-year. However, the figure still fell short of the $792.1 million the Strip generated in July 2021 and the $755.1 million recorded in November 2021. Gaming revenues are up by 63.3% for the first three months of the year when compared to 2021.
During March, over $12 billion was wagered on slot machines across the state. This resulted in an all-time monthly record of $903.1 million in revenue, up by 16.8% on the same period in 2021.
The jump in revenue can be attributed to an increase in visitors to Las Vegas. The Las Vegas Convention and Visitors Authority reported that more than 3.3 million visitors came to Las Vegas during March. This was a 49.5% increase compared with March 2021 although it was still 9.8% below March 2019.
Sports betting falls short of $1 billion for second month
Despite increased betting activity on basketball thanks to the March Madness NCAA tournament, Nevada sports betting failed to hit the $1 billion mark for the second month in a row. Overall, both retail and mobile sportsbooks accepted over $863 million in wagers, up 34.7% on March 2021. However, this was a 12.8% on the month of February. According to the report, 66.8% of all wagers in the state came through mobile sports betting apps.
Sports betting generated $36.9 million in revenue, 21.8% higher than in the previous month but 6.2% down on March 2021. This was due to a lower win percentage of just 4.3% for the month.
State taxes collected during April for all gaming activity came to $97.6 million. These were based on taxable revenue from the March and represented a 0.91% increase on the same period in 2021.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.