Wednesday, February 9, 2011

Vegas sports book loses on each side of Super Bowl score

Las Vegas casinos experienced a rare loss on Super Bowl gambling this season. Green Bay’s decisive victory wasn’t what the Vegas sports book had been hoping to see. When all the bettors are paid, Vegas bookies are looking at their worst beating in the Super Bowl in thirteen years. People lost and won money from the short term personal loans they got for their wagering needs.

Super Bowl was not so good news for gambling establishments in Vegas

Las Vegas casinos should have avoid gambling on the Super Bowl this time around. The books did not show it helping much. There are the 2 ½ point favorites. The gambling public was excited with the 31-25 victory shown by the Packers. Many factors show a huge loss for casinos. This is taking into consideration the numbers won't be released until Tuesday by casino officials. The 3 point spread was covered by the Packers that most preferred. When it came to the Packers, there were at least 2 bets which were at $1 million. Most bet the Packers would win the game that had 56 points total while the Super bowl over/under was at 45.5 points. Plus, with Pittsburgh showing signs of life near halftime but down by 11, the Vegas second half line favored the Steelers by 2 1/2-points.

Vegas news is worse

There was a huge loss in Las Vegas with the Super Bowl. This is because the over/under is anticipated to be too low by most that also will bet on the favorite. The favored will hopefully win, if the sports books get what they want. They just want a low-scoring game to take place instead. The favorites have to cover in the win though. If this doesn't take place, there is a lost bet on them. The Packers won by six although they were favored by 2 ½. That means that a huge payday came in to those who bet on the Green Bay Packers. There was an even worse part so this. In the second half, the Steelers were favored by Las Vegas by 2 ½. When the second half started, the Steelers were down by 11. This wasn't a good start. As the 2 ½ point losers, several realized they could bet on the Steelers. This was because in the second half they were 8 ½ point underdogs. The Steelers lost by six. That means those betters also made some money.

The house does not always win

Casinos tend to do well on Super Bowl Sunday which is the busiest gambling day in Las Vegas every year. The Last Vegas sports book got a lot of bets though. This was for each team. There was $82.7 million bet in Vegas sports book in 2010. Casinos made money off of it. About $6.8 million was made. Estimates for Super Bowl gambling in 2011 at Las Vegas are as high as $95-$100 million. Vegas lost $2.6 million in 2008 when the New York Giants upset the New England Patriots. In the other nine Super Bowls since 2000, the gambling establishments have averaged a stake of $9.07 million.

Citations

Los Angeles Times

latimes.com/sports/la-sp-super-bowl-vegas-20110207,0,2227070.story

Business Insider

businessinsider.com/super-bowl-vegas-sports-books-lost-money-2011-2

Las Vegas Review Journal

lvrj.com/sports/packers-and-over-makes-it-big-day-for-betting-public-115485929.html



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