Las Vegas casinos suffered a rare loss on Super Bowl betting this season. Green Bay’s decisive victory was not what the Las Vegas sports book had been hoping to see. It is anticipated to be the worst loss for Las Vegas bookies on the Super Bowl since 1993. People lost and won money from the short term personal loans they got for their betting needs.
The Super Bowl wasn't great for Las Vegas gambling establishments as it ought to have been
Super Bowl betting turned into a worse-case scenario for the Las Vegas sports book. The 31-25 victory that the Packers showed helped with the 2 ½ point favorites. Tues can be when official numbers are released by Nevada officials although gambling establishments are anticipated to lose a lot depending on several factors. The Packers were preferred and they covered the 3-point spread. At least two $1 million bets were placed on the Packers. This was shown in reports. The over/under for the Super Bowl had been set at 45.5 points. With the 56 point game, most voted the Packers would win. 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 bad news for Las Vegas
The Las Vegas sports book lost on the Super bowl because amateur gamblers tend to bet on the preferred and think the over/under is too low. The preferred will hopefully win, if the sports books get what they want. They just want a low-scoring game to happen instead. If the favorites fail to cover in the win, the bet on them loses. Green Bay gamblers won some money since the Packers were favored by 2 ½ and won by six. To make matters worse for the Las Vegas sports book, it preferred the Steelers by 2 1/2 in the second half. When the second half started, the Steelers were down by 11. This was not a good start. As 8 ½ points behind in the second half, several realized they could bet on the Steelers for the 2 ½ point underdogs. Pittsburgh helped those betters out also by losing by six.
Wagering means losing can occur for the house as well
Annually, Super Bowl Sunday is the biggest gambling day of the year. The Vegas Gambling establishments are filled. The Last Vegas sports book got a lot of bets though. This was for each team. When the Super Bowl occurred in 2010, in Las Vegas alone there was $82.7 million bet. The Casinos collected $6.8 million. Estimates for Super Bowl gambling in 2011 at Vegas are as high as $95-$100 million. After the New York Giants upset the New England Patriots in 2008, Las Vegas lost $2.6 million. In the other nine Super Bowls since 2000, the gambling establishments have averaged a stake of $9.07 million.
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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