Sportsbooks take a beating on Superbowl

[lots0]

After making the NY Giants a 12 to 1 underdog... The sportsbooks had to payoff the winners and I guess it hurts a little...

THE GAMING CONTROL BOARD RELEASED FIGURES TODAY SHOWING THAT $92.1 MILLION WAS WAGERED IN NEVADA’S 174 SPORTS BOOKS ON THIS YEAR’S SUPER BOWL.
GAMING CONTROL BOARD CHAIRMAN DENNIS NEILANDER SAID, “UNAUDITED FIGURES SHOW A SPORTS BOOK LOSS OF $2,573,103 WAS RECORDED ON WAGERS TOTALING $92,055,833. THIS RESULTED IN A WIN PERCENTAGE OF -2.80%.”

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I don't think anyone finds the fact that the Sportsbooks lost money when an underdog wins interesting... What I found "interesting" is how little money the Vegas Sportsbooks actually lost, only about 2.5 million, a drop in the bucket considering how much was wagered.

 

[pokeraddict]

Even though it looks like the money was 3-1 on the Giants + 12ish the books really thought the Pats would blow them out and nobody wanted to be the first one ot move the line. You also have ot consider not many people had the Giants when they were 10-1+ and if they did then there was plenty of action covering the other teams that didn't win.

Also consider how many prop bets were placed. The juice on prop bets is usually 50% more if not higher on prop bets. You could bet on everything from the coin toss, how long the National Anthem was to what the ratings were going to be. The books really clean up on those bets.

It's hard to feel too sorry for the books isn't it?

 

[GaryWatson]

US sportsbook odds confuse me but I can tell you from a UK bookie perspective, the underdog is a great win for sportsbooks in general. They tell you of the massive amounts people collected on the underdog but they forget to mention the bigger % of winning income they receive when the Favorite loses. They may use marketing tactics to let everyone know they took a big hit but in reality they are $$$ in. Underdogs are ++EV for sportsbooks

As with the odds changing, people who land are lucky when they get in early but "BOOK" "MAKERS" are just accountants balancing the books. The odds move down to ensure the balance. Underdogs provide the biggest cut for them