Las Vegas Sportsbook Super Bowl Profits (3.7% of Handle) Weren't Historic

The numbers are in and while a record number of dollars were gambled in Nevada sportsbooks for Super Bowl LVIII, the winnings generated by the sportsbooks wasn't exactly earth-shattering. 

According to a Monday press release from the Nevada Gaming Board, the state's sportsbooks recorded a record-breaking $185.6 million in wagers on Sunday's game, but just $6.8 million was recorded in wins for a "hold percentage of 3.7%" which analysts are calling "mediocre" if you factor in the last 10 years for Vegas sportsbooks. 

That hold percentage would rank 7th best over the last decade with 2020's Super Bowl (12.1% casino hold) remaining the gold standard for Nevada sportsbooks while 2018's Eagles-Patriots game being a near-loss for Nevada books. 

Scott Roeben, who operates the popular Vital Vegas Twitter account, half-joked Tuesday that when you divide the $6.5 million in winnings from Sunday's game amongst the 200 Nevada sportsbooks ($34,000 in winnings if spread equally), you're talking about a total that cannot beat the profits returned by hotel minibars. 

However, as analysts point out, getting people through the doors is the name of the game. A sportsbook trip includes getting boozed up, eating a meal at one of the casino restaurants, getting more boozed up at dinner, throwing $100 into a slot on the way from dinner back to the book, throw another $100 into a video poker machine up at the bar waiting for a drink. 

We won't know the total win percentage for Vegas slot machines and table activity until March, but a smart betting man would predict that the numbers are going to be massive. 

Las Vegas strip clubs already announced they had a massive weekend. A rep from Crazy Horse 3 told OutKick the weekend was "nothing short of phenomenal" while adding, the club "saw record-breaking sales." 

Don't shed a tear for the Vegas sportsbooks over their mediocre Super Bowl win

The lights will stay on. 

In December, Nevada saw a record $1.43 BILLION in winnings fall into the hands of its casinos, including $900 million won by casinos on the Las Vegas Strip, which beat the previous high, set in July, by $70.5 million. 

Michael Lawton, a senior economic analyst for the Nevada Gaming Control Board, called the financial achievement "truly remarkable." 

He credited the increased earnings to "high-end baccarat play and all-time record amounds of slot volume and slot win." 

In other words, those who won money from Las Vegas sportsbooks likely spent back a significant amount of their earnings in Vegas slot machines. 

We'll soon find out just how much. In the meantime, don't worry about sportsbooks disappearing in favor of penny slots. Vegas knows your alpha behavior will eventually separate you from your cash. It's just a matter of getting you through that door.