Nevada sportsbooks have net loss, breaking 83-month winning streak

Nevada sportsbooks' 83-month winning streak is over.

The state's sportsbooks suffered a net loss of about $483,000 in June, according to revenue figures released Wednesday by the Nevada Gaming Control Board. It's the bookmakers' first statewide loss since July 2013, when they lost $548,000.

More than $5.2 million in outstanding football bets were cashed in June, leading to the small net loss. Essentially all physical sportsbooks inside casinos were closed in April and May due to the coronavirus pandemic.

Las Vegas casinos began reopening in June with COVID-19 safety protocols in place, but the state's gaming industry has been hit hard by the pandemic. The casinos' net overall gaming win from April through June was down 80% year over year.

Some bookmakers kept their online betting apps open while the casinos were closed, but with major U.S. sports shut down for much of the spring and limitations on how accounts can be funded, the amount wagered has plummeted. Just over $134 million was bet with Nevada books from April through June. In comparison, $327.4 million was wagered at the state's books last April alone.

New Jersey sportsbooks reported taking $165 million in bets in June. The amount wagered in June with Nevada sportsbooks was $78.2 million.

Nevada's sportsbooks came out ahead on baseball bets in June, most on the Korean Baseball Organization. The books also won on the "other" sports category, which includes golf, auto racing, MMA and boxing. But it wasn't enough to overcome the influx of football wagers that bettors cashed in June and left bookmakers in the red.

Since 1989, when Nevada Gaming Control began releasing monthly revenue reports, the state's sportsbooks have suffered 34 losing months, the largest a $33.7 million loss in February 1999.

Overall, since 1984, the state's sportsbooks are up $4.5 billion on bettors, according to the UNLV Center for Gaming Research.