Nevada sports betting can be a $5 billion industry soon

Back in the 1970s Super Bowl week used to experience very little attention, Jimmy Vaccaro who has witnessed four decades as a Las Vegas bookmaker explains. He was very astonished to witness massive crowds of people buying tickets for the Super Bowl game in February and March. The sports betting figures in Nevada was at $2.4 billion in 2006, $3 billion in 2012 and then went to $4.2 billion in 2015. The figures are expected to rise to $5 billion in 2016. The senior research analyst for the Gaming Control Board, Michael Lawton said that the $5 billion estimate would be very much possible with the way things were being witnessed. He said that the sports betting in Nevada was growing stronger each day, mobile phone applications and mainstream media being the major contributors to the growth.

Sports’ betting in Nevada is being aided by various factors including mobile apps, convectional and social media interest, the increase of in-game and proposition gambling fantasy sports’ popularity, the Las Vegas book advancement and the increase in some of the economical and societal factors. In the recent years, the great gaming events have been attracting so much attention. From the Super Bowl games, the NCCA Tournament and the great fight between Floyd Mayweather Jr. and Manny Pacquiao. This was backed up by Matthew Holt who is the president of CG Technology sports books. Even though some of the sports betting activities such as Pinnacle are being held in America, the average person cannot wager using a credit card.

The amount of revenue generated by these underground bookmakers in the U.S is up to $400 billion. Nevada is becoming quite popular with revenue of up to $5 billion. This has been attributed to advances in technology with CG Technology and William Hill sports leading the way. The mobile phone app also increased the number of people who engage in sports betting. Vaccaro added that over 100 customers signed up for the mobile application during the NCCA Tournament. This was also backed up by Jay Kornegay who is the Westgate sports book director. In the recent times, finding a sports book with no mobile app is very difficult. According to Roxborough in the late 1990s sports books were facing challenges from casinos but this has changed.

Sports bookmakers are becoming quite noticeable in the sports betting areas in games such as baseball, golf, hockey, and military games. The state gaming rules are also slacking to elevate sports betting. The Senate Bill 443 was also signed thus allowing business premises in Nevada to allow investors to place bets in behalf of investors from all over the world.

This article is published in: Sports Betting
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