Super Bowl
Las Vegas Sports Book Loses On Each Side Of Super Bowl Score
In the Super Bowl wagering arena this year, the house did not win. Green Bay’s decisive victory was not what the Las Vegas sports book had been hoping to see. The final tally is anticipated to add up to the highest Super Bowl deficits for Las Vegas gambling establishments since 1993. People lost and won money from the short term cash loans they took out for their wagering needs.
Super Bowl was bad news for casinos in Las Vegas
Super Bowl betting turned into a worse-case scenario for the Las Vegas sports book. As 2 1/2-point favorites, the Packers delivered for the betting public in its 31-25 victory over the Pittsburgh Steelers. Tuesday can be when official numbers are released by NV officials although casinos are anticipated to lose a lot depending on many factors. The 3 point spread was covered by the Packers that most preferred. There were reports of at least two $1 million bets on the Packers. Most bet the Packers would win the game that had 56 points total while the Super bowl over/under was at 45.5 points. At halftime, the Pittsburgh Steelers seemed to be coming back while down by 11. Still, the Steelers were preferred by 2 ½ points by Vegas.
Much more not so good news for Las Vegas
The Vegas sports book lost on the Super bowl because amateur gamblers tend to bet on the favorite and think the over/under is too low. Sports books hope the favored wins, however don’t cover the spread in a low-scoring game. There could be a lost bet on them if the favorites don’t cover in the win. Because the Packers were favored by 2 1/2 and won by six, gamblers wagering on Green Bay loved a big payday. To make matters worse for the Las Vegas sports book, it favored the Steelers by 2 1/2 in the second half. The Steelers were down 11 when the second half started. As 8 ½ points behind in the second half, many realized they could bet on the Steelers for the 2 ½ point underdogs. Pittsburgh helped those betters out also by losing by six.
House did not win this year
Yearly, Super Bowl Sunday is the biggest gambling day of the year. The Las Vegas Gambling establishments are filled. Each teams in the Super Bowl XLV got lots of bets put in to the Vegas sports book. When the Super Bowl occurred last year, in Las Vegas alone there was $82.7 million bet. Gambling establishments made money off of it. About $6.8 million was made. Estimates for Super Bowl betting in 2011 at 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. A win of $9.07 million a year is what casinos have averaged since 2000 on the Super Bowls.
Articles cited
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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