Vegas Golden Knights' Cup Win Meant Huge Loss for Nevada Sports Books
The Vegas Golden Knights made history in 2022-23, becoming the youngest NHL expansion franchise to win a Stanley Cup ever. While the city and state celebrated, Nevada sports books calculated their losses.
A new report from the LA Times shows residents of Nevada bet a whopping $323 million on the Vegas Golden Knights to win it all in June, which they did, defeating the Florida Panthers in the final.
"According to the Nevada Gaming Control Board, state sports books lost a staggering $6.6 million on hockey wagers in June � the largest monthly loss in hockey since the state started tracking that category in January 2020."
"'Yeah, that's a significant loss for a sports betting category, definitely,' Michael Lawton, senior economic analyst for the Nevada Gaming Control Board, told The Times." - LA Times
"'Yeah, that's a significant loss for a sports betting category, definitely,' Michael Lawton, senior economic analyst for the Nevada Gaming Control Board, told The Times." - LA Times
Despite the loss for sports books, Lawton was quick to point out that Las Vegas is thrilled to have the Golden Knights in their city.
"From my understanding, the overall consensus is that the town is more happy for the Knights than they are about sports books losing money in the month of June. Everyone's pretty happy for the exposure it gave the city. It was a good thing."
Source: LA Times
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