Sports leagues are resuming action, businesses are opening up again, and life seems to be returning to some form of normalcy, at least in some parts of the country. One sure sign of that is that the bright lights of Sin City are on again as Las Vegas welcomes people back to its famous casinos.
The ScoreMetrics Lab is here with the latest from Vegas.
Eager fans and optimistic sportsbooks
There have been plenty of sighs of relief in Las Vegas as most casinos and resorts have been able to open their doors to customers again during June and July. The industry has been hit hard by the COVID-19 pandemic, but seemingly better times are ahead.
For those sports fans, traders and bettors in the state that want to take their action to a brick-and-mortar store, this is great news as it means that retail sportsbooks are also open for business once more.
And for bookmakers, there are certainly reasons to be optimistic after a rough period without any major sports on. With the MLB and the NBA resuming play in July, and the NHL following suit in August (and with football set to kick off in September), there’s finally plenty of games on the calendar again.
Add to that mix the PGA tour, horse racing and the UFC, and the sportsbooks are hoping for some juicy months ahead. We should also not forget that Vegas will have an NFL team next season in the Raiders, which should add even more interest towards the football season.
The consensus among the books in the state seems to be that fans will be more than eager to place wagers on games after such a long time off.
We are also certainly excited about the return of sports here at the ScoreMetrics Lab and can’t wait to get our sports trading systems up and running again!
Vegas is still king – but for how long?
The state of Nevada still holds the lead in most money wagered in sports bets around the country, as one would expect. The mecca of gambling in the US used to be the only place where sports betting was legal.
But since the overturning of PASPA just over two years ago, competition has been ramping up, and New Jersey is not that far behind Vegas anymore. Here’s what we wrote in our report on how legal sports betting has grown during the past two years:
”In March 2020, almost $22 billion had been wagered since the PASPA was overturned in 2018, according to Legal Sports Report. Nevada, New Jersey and Pennsylvania accounted for almost $19 billion of that number.
Nevada is still the leader of the pack with a total handle of approximately $9.5 billion since the PASPA was overturned. But New Jersey is catching up fast at approximately $7 billion wagered.
The Garden State has a hefty lead over the rest of the newcomers due to being the first state to legalize sports betting and going live in August 2018. Having a full mobile betting market in operation has certainly helped as well.
The handle in Pennsylvania is at around $2.3 billion after a year of legal sports betting in the state. Bettors in the Keystone State have also had full mobile options to choose from.”
New Jersey definitely benefits from being able to serve the New York metropolitan area, which is by far the most populous in the US with more than 23 million residents.
Additionally, Colorado looks like a very potential market, and bookmakers in the state could be taking in a significant handle soon once things get up and running properly:
”According to an estimate by PlayColorado, legal sports betting could generate up to $6 billion per year in bets and $40 million in tax revenue for the state.
If we can draw any conclusions from New Jersey and Pennsylvania, where mobile betting has been possible right from the start, that $6 billion does not seem unrealistic.”
The market in the state has recently seen BetMGM, DraftKings and Circa Sports make major moves in an attempt to capture their slice of the pie.
With these types of consumer-friendly markets opening up in populous areas, Vegas might not be the most relevant sports betting city in the country for long.
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The ScoreMetrics Lab is the engine that runs the Sports Trading System operation, consisting of a team of researchers and writers who are constantly testing and retesting algorithms. They work hand in hand with our Head Trader and Creator of ScoreMetrics, John Todora to help find new breakthroughs and develop new systems.