Nevada gambling revenue hits $1.3B, slots up 10%
Key Takeaways
- Nevada’s gambling revenue reached over USD 1.3 billion in September 2024.
- Slot machines contributed the largest share with USD 897 million, a 10.1% increase compared to the previous year.
- While slot machines grew, table games saw a decline of 8.8%.
- Sports betting, particularly on football, increased by 49% year-over-year.
- The Las Vegas Strip recorded a slight decline of 1.8% in September.
Slot Machines Drive Nevada’s Gambling Revenue
The gambling market in Nevada recorded total revenue of over USD 1.3 billion in September 2024. This represents an increase of 3.34% compared to the previous year. The main driver of this growth was revenue from slot machines, which amounted to around USD 897 million—a 10.1% increase compared to the same month last year.
Decline in Table Games
Despite the increase in slot machine revenue, table games, including card and dice games, experienced a decline. The combined revenue from these games amounted to approximately USD 416 million, which represents a drop of 8.8% compared to the previous year.
Different Trends Among Slot Types
There were notable variations within the slot machine categories. High-stakes machines, like the USD 5 slots, saw a significant increase of 36.6%, while other categories, such as penny and nickel slots, experienced sharp declines. Penny slots recorded a drop of 22.74%, while nickel slots fell by as much as 41.33%.
Sports Betting and Mobile Betting on the Rise
Sports betting also contributed significantly to the revenue, particularly through football bets, which saw a 49% increase compared to the previous year. Mobile betting, i.e., bets placed via smartphones or tablets, also grew and generated nearly USD 36 million, representing a 24.2% increase.
Las Vegas Strip Slightly Down
While Nevada overall posted growth, the Las Vegas Strip reported a slight decline. Revenue on the Strip in September was just under USD 727.7 million, a decrease of 1.8% compared to the previous year. Nevertheless, the Strip remains a key driver for Nevada’s gambling market.
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Our Assessment
Nevada remains a strong market for gambling, particularly due to the continued success of slot machines and the growing sports betting sector. The slight decline in table games and on the Las Vegas Strip should not be overestimated, as overall demand for gambling in Nevada remains stable. The growth in mobile sports betting also highlights that the trend toward digitalization remains strong in the gambling industry.
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