The Super Bowl ended up being a losing bet for Las Vegas. Green Bay’s decisive victory wasn’t what the Las Vegas sports book had been hoping to see. The final tally is anticipated to add up to the greatest Super Bowl losses for Las Vegas casinos since 1993. People lost and won money from the short term cash they got for their gambling needs.
Super Bowl was bad news for gambling establishments in Vegas
The books for Las Vegas ended up losing with the Super Bowl gambling. As 2 1/2-point favorites, the Packers delivered for the gambling public in its 31-25 victory over the Pittsburgh Steelers. Nevada gaming officials won’t release the official numbers until Tuesday, however several factors converged that are anticipated to result in large net loss for casinos. The Packers were favored and they covered the 3-point spread. There were reports of at least two $1 million bets on the Packers. The Super Bowl over/under was set at 45.5 points and much of the public bet Packers/over in a game that totaled 56 points. The Steelers were preferred by 2 ½ points by Las Vegas even though they were down by 11 at halftime but coming back.
Even more bad news for Las Vegas
There was a huge loss in Las Vegas with the Super Bowl. This is since the over/under is anticipated to be too low by most that also will bet on the favorite. The favorite will hopefully win, if the sports books get what they want. They just want a low-scoring game to happen instead. There can be a lost bet on them if the favorites do not cover in the win. The Packers won by six although they were preferred 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 Vegas by 2 ½. When the second half started, the Steelers were down by 11. This wasn't a good start. A wave of gamblers realized they could bet on the Steelers, 2 1/2-point underdogs before the game started, as 8 1/2-point underdogs in the second half. The Steelers lost by six. That means those betters also made some money.
The house can lose also
Super Bowl Sunday is the busiest betting day in the year in Las Vegas and typically a large harvest for the gambling establishments. Both teams in the Super Bowl XLV got a lot of bets put in to the Las Vegas sports book. In 2010, $82.7 million was bet on the Super Bowl in Las Vegas. About $6.8 million was made by casinos. Estimates for Super Bowl wagering in 2011 at Las Vegas are as high as $95-$100 million. In 2008, the New York Giants upset the New England Patriots. This caused a $2.6 million loss in Las Vegas. In the other nine Super Bowls since 2000, the gambling establishments have averaged a stake of $9.07 million.
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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