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Vegas Sports Book Has A Bath On Super Bowl Wagering

In the Super Bowl wagering industry this year, the house did not win. Vegas bookmakers took a bath when the preferred Green Bay Packers won by a decisive margin. 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 loans they took out for their gambling needs.

The Super Bowl was not good for Vegas casinos as it ought to have been

Las Vegas gambling establishments should have avoid wagering on the Super Bowl this time around. The books did not show it helping much. The 31-25 victory the Packers showed helped with the 2 ½ point favorites. Tues will be when official numbers are released by Nevada officials although casinos are expected to lose a lot based on several factors. The 3 point spread was covered by the Packers that most preferred. When it came to the Packers, there were at least 2 bets that were at $1 million. The Super Bowl over/under was set at 45.5 points and most of the public bet Packers/over in a game that totaled 56 points. Plus, with Pittsburgh showing signs of life near halftime however down by 11, the Vegas second half line favored the Steelers by 2 1/2-points.

Other horrible things for Las Vegas

Most amateur gamblers will bet on the favored while thinking the over/under is too low meaning the Super Bowl made Las Vegas lose. 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 to them manages to lose. Because the Packers were preferred by 2 1/2 and won by six, gamblers wagering on Green Bay enjoyed a large payday. To make matters worse for the Vegas sports book, it favored the Steelers by 2 1/2 in the second half. Pittsburgh started the second half down by 11. 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.

Betting means losing can take place for the house as well

Super Bowl Sunday is the busiest betting day in the year in Vegas and typically a large harvest for the gambling establishments. Each teams in the Super Bowl XLV got lots of bets put in to the Vegas sports book. There was $82.7 million bet in Vegas sports book in 2010. The Casinos collected $6.8 million. Bets for Vegas in 2011 for the Super Bowl are likely between $95 and $100 million. Las Vegas lost $2.6 million in 2008 when the New York Giants upset the New England Patriots. On all Super Bowls since 2000, the casinos have averaged a win. About $9.07 million is won each year.

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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