In a turn of events that sent shockwaves through the sports betting world, Nevada sportsbooks experienced their most lucrative month ever in September 2024. A perfect storm of NFL upsets and high-profile events propelled the state’s betting revenue to an astonishing $80.9 million, shattering all previous records.
The NFL Upset Frenzy
The catalyst for this betting bonanza? An unprecedented wave of NFL upsets that left favorites reeling and underdogs celebrating. September saw a staggering 26 NFL favorites lose outright, the most in the opening month of the season since 2002. Touchdown favorites suffered their worst month ever, going a dismal 3-19 against the spread.
Jay Kornegay, the veteran bookmaker at the Westgate SuperBook in Las Vegas, couldn’t believe what he was seeing. “Between Weeks 2 and 3, we won almost every single game,” he marveled. “I can’t remember saying that ever.”
Parlay Carnage
The outright upsets didn’t just shock bettors – they decimated parlays and teasers, compounding recreational players’ losses. As Kornegay explained:
When you start seeing the favorites losing outright, it compounds the recreational players’ losses, because not only do they love to play the perceived better team, but they also love to tease them and parlay them. And when you knock them out straight-up, it’s beneficial to the bookmaker.
Survivor Pools Decimated
The carnage extended to survivor pools, where players pick one straight-up winner each week. Circa’s contest, boasting a $14.2 million grand prize, saw its field of 14,266 entries whittled down to just 460 by the end of September. Owner Derek Stevens lamented, “I wish everyone was still in it… When you get knocked out in Week 1 or 2, your emotion is bitterness. That’s not really optimal for us.”
Beyond Football: The “Other” Factor
But football wasn’t the only story. The sportsbooks’ “Other” category, encompassing sports like soccer, boxing, and UFC, generated a whopping $10.4 million – the second-highest ever. Insiders pointed to UFC 306, headlined by a shocking upset, as a major contributor.
Stevens noted, “The volume on that day was tremendous. That was the biggest weekend of the whole month.”
Too Much of a Good Thing?
As the wins piled up, some bookmakers worried they were winning too much, too early. Would bettors be scared off? October quelled those fears, as bettors bounced back and favorites reasserted their dominance.
Still, Nevada sportsbooks are on pace for their most profitable year ever, already up $370.7 million through September. As Stevens mused, “When you have these big, big wins… you can’t take that stuff too seriously, and when you take these big losses, you got to continue to run the process.”
In the topsy-turvy world of sports betting, September 2024 will forever be remembered as the month the books ran up the score. But as any seasoned gambler knows, sometimes you’re the windshield, sometimes you’re the bug. For Nevada’s sportsbooks, September was one heck of a ride.
