Is Vegas Dying? Is It Obsolete?

It would make sense to think that sports betting is dying in Las Vegas. The city (and state of Nevada) had a monopoly on sports betting for years. Then came the U.S. Supreme Court ruling in May of 2018. The high court repealed the Professional and Amateur Sports Protection Act (PASPA) which allowed other U.S. states to legalize sports betting. 

The fear, of course, was that legalizing sports betting in other states would negatively impact Nevada, Vegas in particular. That fear has subsided as the state of Nevada and Las Vegas continue to reap the benefits of a robust sports betting market. Five years after the repeal of PASPA, business is booming at Nevada sportsbooks.

In 2018, the year other states began to legalize sports betting, Nevada’s betting handle surpassed $5 billion for the first time. The state – and the rest of the country – took a hit in 2020 with COVID-19, but Nevada, led by Vegas, has set records in each of the last two years. In 2021, the state’s sports betting handle shot up to $8.1 billion. Just last year, it rose again to $8.7 billion. 

Numerous members of the state’s Gaming Control Board have said that the health of the sports betting industry in Vegas has never been stronger. That comes as 37 U.S. states, including Washington D.C., allow some form of legal sports betting. While it might not make sense, there are five reasons why Vegas will never die.

Destination: Sportsbook

If you have never been, you have got to go to Vegas and experience the brick and mortar sportsbook. No other states have these types of locations. You can walk into a sportsbook in Vegas and watch every college football played on a Saturday. Imagine watching every single March Madness game or every game on the Sunday NFL card all in one location. Then, at any time, you can go to the window and place your bets. It’s fun and bettors still love the experience.

The Future: Mobile Apps

Sports bettors are smart, savvy as are sportsbooks. Vegas bettors can still visit the brick and mortar sportsbook but place their bets on their smartphone. There are all sorts of mobile apps and even self-service kiosks where bettors can place their wagers. Live betting is big now and placing bets via mobile device is a must to get the best lines and odds. Nevada bettors, just like those in other states, will continue to use mobile apps to place bets.

Higher Limits 

Bettors in many states will find that they are hampered by wager limits. They might want to bet $5,000 on an NFL game, but the max bet is only $1,000. You’ll find higher maximum bets in Vegas as well as an expanded betting menu. The props markets are growing exponentially. Vegas bettors can find more bets and higher limits. That’s just one more reason why Vegas will never die.

New Home Teams

The move of the Raiders to Las Vegas and the arrivals of the NHL’s Golden Knights and the WNBA’s Aces have done wonders for the betting industry. Public betting on home teams has really boosted handle in Nevada. That is somewhat of a win-win for the state. The books win with the additional betting handle and the state gets to cheer for its teams.

Less Scrutiny

With a nickname like “Sin City,” Las Vegas is often associated with illicit behaviors, one of those being gambling. PASPA’s repeal and the legalization of sports betting in so many states has really put the industry into the mainstream. It’s not looked at with disdain as it once was. People are routinely talking about point spreads and odds on games now. 

Vegas itself is no longer a haven for degenerates, whether they be sports bettors or otherwise. The destigmatization of sports betting has led Las Vegas to be a host for events such as the Super Bowl and the NCAA tournament. While the city might give up a little at the sportsbook now that other states have legal betting, they make up for it with big events coming to town.

The Final Word

Americans have legally bet more than $220 billion nationwide since the Supreme Court overturned PASPA. That has generated $3 billion in Nevada state and local taxes, according to the American Gaming Association.

AGA also estimates that Americans are still betting somewhere around $65 billion offshore or with illegal bookies. That number is, of course, down from roughly $150 billion before PASPA. The bottom line is that Americans have always loved betting on sports and they will continue to do so…whether in Vegas or elsewhere. Last year set an all time record for Super Bowl handle. This is a great sign that Vegas is not dying and in fact is growing.

Super Bowl 57 Betting Handle – February 2023