Racing revenue exceeds football in Nevada

[MikeH]

The Nevada Gaming Commission released the financial results of all the Nevada casinos for the year ended June 30, 2003.

Revenue from Nevada's 125 race books was $85 million.
Revenue from Nevada's 151 sports books for Football was $51 million. Racing revenues were 66% higher than football revenues!

Who says racing isn't doing well???

BTW, the nickel slots made $1.5 billion, and were the second highest revenue-producing denomination. Quarter slots grossed $2.0 billion.

You may read the entire report (from the Las Vegas Review Journal) here:

http://www.reviewjournal.com/lvrj_home/2003/Aug-15-Fri-2003/business/21947725.html

[Dave Schwartz]

Amazing... and they still treat racing customers as second-class citizens?

Dave Schwartz

[VetScratch]

Year-round, all-sports losses increased and topped racing, which declined. So maybe third-class citizens is next. :eek:

Looks like Nevada gross handle must have been about $530-million if what the "racebooks won" means what the "players lost." If it means racebook gross, handle must have been higher.

Still, if handle was $600-million, that's only about $2-million per day.

[PurplePower]

Originally posted by MikeH
Revenue from Nevada's 151 sports books for Football was $51 million. SHRP's Publicity and Media Relations Director Martha Claussen attended a Super Bowl festival committee meeting and was told by the committee chair that Sam Houston Race Park cannot have a "sanctioned" Super Bowl event because the "NFL does not support gambling". If that is the case, then I think wagering on NFL games should be outlawed even in Vegas!!! I can't believe those guys can stand up and say such stuff with a straight face!:mad: :mad:

[VetScratch]

Wow, someone correct me!

The article says 125 racebooks. If the numbers line up, that means the average racebook handle was less than $20K per day!

How could that be????

[VetScratch]

Racebooks = 125 (don't they all co-mingle now?).
Average takeout = 16% (weighted for NY & SO-CAL).
Racebook wins (player losses) = $85.5-million.

(85.5 / .16) = 534.4 (gross handle)

(535.4 / 125) = 4.275

(4,275,000 / 365) = $11,712 average handle per book per day.

If that average is anywhere close to accurate, there must be a lot of racebooks in the bathrooms at gas stations.

:confused:

[VetScratch]

And if you figure in exotic takeouts and breakage, there must be some racebooks in prairie dog holes!
:) :) :)

[B. Comin']

In 1900, the largest prairie dog settlement was found in Texas. It was 100 miles by 250 miles and was estimated to contain 400 million prarie dogs.

:eek:

There are no prairie dogs in Nevada.

[JustRalph]

Originally posted by B. Comin'
In 1900, the largest prairie dog settlement was found in Texas. It was 100 miles by 250 miles and was estimated to contain 400 million prarie dogs.

There are no prairie dogs in Nevada.

I would'n't be so sure. I was in Vegas a few weeks ago and some of those old guys in the Stardust Book at 9 a.m. looked like they had just crawled out of a hole. :D

[Valuist]

I've heard the amount of $$ wagered offshore on football dwarfs what is wagered in Vegas. Personally, I do all my football betting offshore. Secondly, football is a one-game a week sport for a team that lasts basically from Sept-December. Racing is never ending. 365 days a year (I think Calder runs on Xmas). So comparing wagering revenue here is really comparing apples and oranges.

[VetScratch]

B'Comin
There are no prairie dogs in Nevada.
You're right, of course, so let's say there must be some racebooks in sidewinder holes! :)

[kenwoodallpromos]

You should look at the article for the % changes. Racing up less than 2%. Gains in football, Bball were much greater. Nickel slots and baccarrat did best.
My conclusion- Nevada betters are looking to lose their money over a longer time period (Each ball team produces a lot less bets over time than any 1 racetrack). Ball bettors may be betting on more teams than before, unclear. Ball betting increases parallel less frequent play per team ( football, bball, baseball). The article compared 1993 with 2003, when Ca population increased much more than almost all % increases. BTW, CA lotto betting is up so much that prize went from 3 million to 10 million!!
Ca indian casinos are responsible for much of the Nevada per capita slides,
I say lower racing takeout and more user-freindly autototes, and put them in indian casinos so I can take out what my wife puts in the slots!!