Record Super Bowl Betting in Nevada and New Jersey, but Profits Remain Modest

Despite a surge in betting activity, sportsbooks' profits were lower than expected, highlighting the challenges in the gambling industry.

Nevada sportsbooks set a new record with $185.6 million wagered on Super Bowl LVIII, marking a significant increase from previous years.
Despite the record-breaking wagers, Nevada's sportsbooks recorded a relatively low profit of $6.8 million, a hold percentage of 3.7%, which analysts have labeled as mediocre.
In New Jersey, sportsbooks saw a 30% increase in bets over last year, totaling $141.6 million, but their profits decreased compared to the previous year.
The popularity of micro-betting and online gambling platforms like Simplebet has surged, with a 33% increase in the number of bets and a 29% increase in the total amount wagered on the Super Bowl.
Despite the modest profits from sports betting, Las Vegas casinos continue to thrive, with record earnings from other gambling activities and non-gambling revenue sources.