Nevada sportsbooks saw a dip in activity in terms of Super Bowl bets in 2023 compared to the previous record-setting year. Sportsbooks collected $153.2 million in wagers on the Big Game. This is a $26.6 million decline to 2022’s $179.8 million. Even with the dip, this is the fourth most wagered-on Super Bowl event in Nevada.
Super Bowl 57 Shows Decline Nevada Sports Betting Revenue
Sportsbooks in the Silver State saw a 7.4% hold on Super Bowl bets. This led to $11.3 million in gross gaming revenue (GGR). This figure is the lowest betting revenue since 2019.
The Nevada Gaming Control Board isn’t too surprised by the dip. The Super Bowl was held in Phoenix Arizona — the first regulated state to host the big game.
“Many sportsbook operators expected Nevada would lose some betting action to Arizona, the first state with legal sports betting to host a Super Bowl with legal sports betting,” Michael Lawton, Nevada Control Board senior economic analyst, said.
It is likely many who would normally travel to Las Vegas for Super Bowl betting opted to go to Phoenix instead. That lowered the total action potential.
Additionally, there are more states than ever to host regulated betting. Nevada is no longer the only game in town, which could continue to affect the action.
That’s evident in how football betting activity was down 6.9% in the final four months of 2022 compared to the previous year. Sportsbooks in Nevada did manage to see record highs in revenue during this same stretch, however.
Nevada To Bounce Back Next Year
The Silver State will likely see a return to form in 2024 as Las Vegas hosts Super Bowl 58. The same influx of action that Arizona saw this past Super Bowl will be flooded to Sin City. According to GeoComply, Arizona saw over 100,000 geolocation checks at and around State Farm Stadium where the Super Bowl took place.
While Allegiant Stadium does not host a retail sportsbook, Nevada being home to online sports betting will still see the general area being a hub for betting.
Nevada will likely bounce back in 2024 with Super Bowl bets, but will this be sustainable going forward? Or will regulated markets continue to dissuade travelers during the Big Game?