Fact Sheets : Industry Issues

[johnny1212]

Fact Sheets : Industry Issues

SPORTS WAGERING

There are many myths associated with sports wagering in Nevada - the only state where it is legal, regulated, policed and taxed. The following are the facts about sports wagering:

• The FBI estimates that more than $2.5 billion is illegally wagered annually on March Madness each year.

• Comparatively, sports book operators estimate $80 million to $90 million – less than 4 percent of the illegal take – is wagered on the tournament legally through Nevada’s 176 1 sports books.

• There currently are an estimated 2,500 Internet gambling sites.

• According to the NCAA, more than 10 percent of Americans participate in March Madness “office pools.”

• March Madness is surpassed only by the Super Bowl in the number of bets placed on the games.

• The 2006 Super Bowl marked the biggest Super Bowl revenue for the Nevada sports books ever. Approximately $94.5 million was wagered on the game in sports books this year, according to the Nevada Gaming Control Board.

• The Las Vegas Convention and Visitors Authority estimated that the 2006 Super Bowl weekend generated $102.4 million in non-gaming economic impact and attracted 285,000 visitors.

• Overall, Nevada's legal sports wagering represents less than 1 percent of all sports betting nationwide. In 2005, $2.25 billion was legally wagered in Nevada's sports books; the National Gambling Impact Study Commission (NGISC) estimated that illegal wagers are as much as $380 billion annually.

• Gross revenue for Nevada's sports books was $126.18 million in 2005; nearly 95 percent of all bets placed in 2005 were returned to patrons in winnings.

• Approximately one-third of all sports bets in Nevada are placed on college sporting events.

• Legal sports wagering helps bring more than 30 million visitors to Nevada each year and provides employment for thousands of people.

• According to Christiansen Capital Advisors (CCA), which tracks Internet gambling, online sports betting generated $4.29 billion in revenues in 2005. This is more than double the $1.7 billion generated by online sports betting in 2001.

• CCA estimates $10 billion was wagered online in 2005 overall, including casino-style games and lotteries.