In Nevada last year, sports bettors wagered a record-breaking $4.2 billion. That's the equivalent of the gross domestic product of Malawi. That's more than it cost to build the stunning new World Trade Center Transportation Hub in New York. That's even more than the net worth of Republican presidential contender Donald Trump (at least according to Forbes' estimate).
By any comparison, it's a lot of money.
That figure has been rising over the past five years. After stagnating around $2.5 billion during the recession, the amount wagered on sports has climbed steadily since 2010.
In 2015, the total drop crossed the $4 billion threshold for the first time, a $300 million jump over the previous year. And casino operators have taken notice.
The Westgate Resort & Casino just completed an almost $13 million overhaul of its 30,000-square-foot SuperBook sports and race book.
Jay Kornegay, the vice president of race and sports operations, said Westgate Resorts owner David Siegel sought the overhaul because he "sees a future, maybe sooner than later, and he knew that the popularity of sports betting continues to rise."
The renovations have transformed the popular space, starting with a massive LED video wall that Kornegay said has five times the resolution of the screens in Times Square or the Dallas Cowboys' AT&T Stadium.
"The clarity and resolution of these screens is second to none," he said. "It's the definition of a wow factor."
Other adjustments include the removal of slot machines in the venue and the addition of 100 seats, two wagering windows and interactive player terminals where race-focused customers can place a bet from the comfort of their own seat. The race book now also offers a 32-inch TV screen at every seat as well as power and USB outlets.
The real estate breakdown of the SuperBook has changed with the revamp. "Prior to this renovation, 75% of the SuperBook was dedicated to the race player," Kornegay said. "That has now flip-flopped; 75% of new SuperBook is dedicated to sports."
That update was made based on where revenue was coming from, Kornegay said. "The sports side continues to grow in popularity. The race side has been a challenge. The demographics of the race fan is getting older."
Westgate also introduced a mobile sports-betting app in January that enabled customers with an established account to place bets remotely as long as they're in the state of Nevada. That means they can bet the over on Stephen Curry and the NBA's Golden State Warriors while sipping a margarita poolside or lounging in one of the SuperBook's new VIP booths, which Kornegay compared to a luxury box at the ballpark.
With prime real estate and seating for eight, the booths can be rented by the hour or day or get comped to high-end players.
"When I say high-end, I'm talking about guys who average at least five figures a game," Kornegay said. "I think we're already booked for March Madness."
The booths also offer a more social experience for groups who want to spend an afternoon watching and betting.
The new sports book at the Cosmopolitan has living-room-style seating, a gaming pit and free billiards and shuffleboard. Photo Credit: Erik Kabik
That social experience is the emphasis for the Cosmopolitan's new sports book, which opened right before the Super Bowl, replacing an underperforming slot area in the southeast corner of the casino floor.
"There really was nowhere in the Cosmopolitan to watch [sports]," said Brian Benowitz, the senior vice president of casino operations.
A previous venue on the second floor was "purely transactional," according to Benowitz. "You just really made your bet and left."
With betting run by CG Technology, the new space was airy and energetic, roughly double the size of the old sports book at 8,000 square feet. A large central bar topped by TVs and an oversize news ticker divides the race and sports sides of the venue, each of which has a curving video wall that displays either live action or the day's odds. Along with 10 betting windows and 28 betting stations, there are 23 video poker machines, living-room-style seating, a gaming pit with eight tables and an area next to the bar where guests can play shuffleboard or billiards free of charge.
"Most of the race and sports books on the Strip are theater-style," Benowitz said. "We wanted to make this much more interactive. We want people to be here, and we want it to be a destination."
Currently Nevada is the only destination with legal sports betting in the U.S., and Kornegay said an expansion into other states down the road could make it even more popular.
"It's exciting for the people in this industry," he said. "The major media outlets in this country have started talking more about the gaming side of sports. They're showing the lines more often. That has taken the dark cloud that has surrounded sports betting in this country and lightened it up."
If last year's $4.2 billion record is any indication, the future looks bright.