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The Vegas Golden Knights’ Stanley Cup Victory Leads to Major Losses for Nevada Sports Books
The Vegas Golden Knights achieved a historic milestone by winning their first Stanley Cup last month. While the team’s triumph brought joy to many, it brought significant financial losses for Nevada’s sports books.
A Staggering $6.6 Million Loss for Sports Books
According to a report by the Nevada Gaming Control Board, state sports books experienced a staggering loss of $6.6 million in hockey wagers during June. This loss marks the largest monthly deficit in hockey betting since the state began tracking the category in January 2020.
Michael Lawton, a senior economic analyst for the Nevada Gaming Control Board, commented on the substantial loss, stating, “Yeah, that’s a significant loss for a sports betting category, definitely.”
The Impact of the Stanley Cup Final
The only NHL action taking place in June was the highly anticipated Stanley Cup Final between the Vegas Golden Knights and the Florida Panthers. Starting with Game 1 on June 3, hockey enthusiasts in Nevada wagered an astounding $323 million on the outcome, with the majority of bets favoring the local team.
The Golden Knights’ bid for the Stanley Cup reached its climax on June 13 with a resounding 9-3 victory over the Panthers in Game 5 at T-Mobile Arena. This decisive win resulted in considerable payouts for some bettors.
Growth of Sports in Las Vegas
The success of the Vegas Golden Knights holds significant importance for the city, given its emergence as a major sports hub. When the team debuted as an NHL expansion franchise in 2018, they became the first professional team in Las Vegas. Subsequently, the NFL’s Raiders relocated from Oakland to Las Vegas, and plans for the MLB’s Oakland Athletics to follow suit are in progress. Moreover, there have been discussions regarding the potential addition of an NBA expansion team in the future.
The Positive Impact of the Golden Knights’ Success
Despite the tough situation for sports books, Lawton believes that the Golden Knights’ success has brought immense joy to Las Vegas. He stated, “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.”
