The Super Bowl turned out to be a losing bet for Las Vegas. Vegas bookmakers took a bath when the preferred Green Bay Packers won by a decisive margin. It is expected to be the worst loss for Vegas bookies on the Super Bowl since 1993. People lost and won money from the short term cash loans they got for their gambling needs. Source of article – Las Vegas sports book takes a bath on Super Bowl betting by MoneyBlogNewz.
Super Bowl was bad news for casinos in Vegas
The books for Las Vegas ended up losing with the Super Bowl betting. The 31-25 victory the Packers showed helped with the 2 ½ point favorites. Several factors show a huge loss for casinos. This is taking into consideration the numbers will not be released until Tues by casino officials. The 3 point spread was covered by the Packers that most favored. 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. The Steelers were preferred by 2 ½ points by Vegas even though they were down by 11 at halftime but coming back.
Las Vegas has more that didn't go well
The Las 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 favorite wins, but don’t cover the spread in a low-scoring game. If the favorites fail to cover in the win, the bet to them loses. Because the Packers were preferred by 2 1/2 and won by six, gamblers wagering on Green Bay liked a big payday. The Steelers were preferred by 2 ½ in the second half of the game by Vegas sports book which makes it worse. The Steelers were down 11 when the second half started. As the 2 ½ point losers, many realized they could bet on the Steelers. This was because in the second half they were 8 ½ point underdogs. Losing by just six, Pittsburgh delivered for those bettors as well.
Wagering means losing can take place for the house as well
Each year, Super Bowl Sunday is the biggest gambling day of the year. The Vegas Casinos are filled. But the Vegas sports book found itself getting hit by bets on each teams in Super Bowl XLV. In 2010, $82.7 million was bet on the Super Bowl in Vegas. The Gambling establishments collected $6.8 million. Between $95 and $100 million is expected to be what was bet on the Super bowl 2011. This would just be in Las Vegas too. In 2008, the New York Giants upset the New England Patriots. This caused a $2.6 million loss in Las Vegas. On all Super Bowls since 2000, the casinos have averaged a win. About $9.07 million is won each year.
Information from
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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