Las Vegas Is Thriving In New Sports Betting Era
- Las Vegas shatters records for sports betting in March.
- March Madness gives sports betting handle a large boost.
- New Jersey still has a way to go to overtake Vegas.
LAS VEGAS – Las Vegas sportsbooks break records this past March with a sports betting handle of $596.8 million.
March Madness Drives Up Handle
A report from the Nevada Gaming Control Board shows that basketball is the primary reason why the handle was so high. Although it doesn’t differentiate professional basketball from college, over $495 million was wagered on basketball during March.
This can easily be accredited to March Madness because a large percentage of this handle was wagered in the first weekend of March Madness. Plus, the NBA season was winding down and not much action was being taken because the Playoffs had already had the teams locked in. Pools and single-game betting for March Madness drove up to the handle in Las Vegas sportsbooks.
The Other States Did Well In March
Many people speculated that other states legalizing sports betting would cause the handle in Las Vegas to plummet. So far, that hasn’t been the case. Las Vegas had the largest handle in the country because this was the highest handle in a single month for Las Vegas and this is with new states that legalized sports betting.
But that doesn’t mean that the other states that had legalized sports betting did not do well. In fact, almost all of them did well during the month of March. New Jersey had the second highest handle in March.
The New Jersey Division of Gaming Enforcement reported that Jersey had over $370 million wagered in March. Although the numbers reported in New Jersey were quite a bit away from what Nevada had, New Jersey has firmly established itself as the number two state to go to bet on sports.
LegalSportsBettingSites.com thinks the fear that other states legalizing sports betting would drive down the numbers in Las Vegas seems to have been dispelled. Interest has actually been higher than ever because sports betting is now becoming more widespread. Only time will tell if adding more states to the mix will really take a hit on Las Vegas’s sports betting numbers.nternet.