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Super Bowl betting up, profits down for Nevada casinos

Super Bowl Football

Bettors did better and casinos did worse than usual on the Super Bowl this year: The Nevada Gaming Control Board reports that just under $87.5 million was wagered on Sunday’s game and sports books ended up coming out ahead by $724,176.

Although betting was up from the $82.7 million wagered on last year’s game, the casinos’ profit of less than 1 percent is far worse than the casinos usually do.

The only time in the last 10 years that Nevada casinos have lost money on the Super Bowl was the Giants’ upset of the Patriots in 2008, when the casinos lost a collective $2.5 million on $92 million bet. Other than that year, the Packers’ 31-25 victory over the Steelers (in which Green Bay covered the spread and the teams’ total of 56 points reached the over) was the worst Super Bowl for casinos in the last decade.

For the casinos, the best Super Bowl of the last 10 years came in 2005, when bettors wagered more than $90 million and casinos came out ahead by more than $15 million when the Patriots beat the Eagles.

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8 Responses to “Super Bowl betting up, profits down for Nevada casinos”
  1. wallyhorse says: Feb 9, 2011 6:30 AM

    And it’s Vegas to me that may quietly be pushing the hardest for Godell to extend the season to 18 games, possibly with two additional bye weeks. 20-21 weeks of regular season NFL games likely means mucho additional revenue for the Vegas casinos, which to me is the real driving force behind going to 18 games even if the NFL will never admit that.

  2. frankvzappa says: Feb 9, 2011 7:34 AM

    the linesmakers out here really screwed the pooch…that game should not have even been that close, and the line should have urged more people to take the steelers…i dont know anybody who picked the steelers, and people that i have never seen win a parlay were hitting GB + the over all day long…it was an easy, easy game to bet…i got even better odds by getting even money on the NFC representative in the Super Bowl, which i placed immediately after the Pats loss…i thought the packers were going to beat the Pats in the Super Bowl, but after the unspeakable loss, the packers were a no-brainer…

  3. jharmon64 says: Feb 9, 2011 7:46 AM

    How is it that Vegas only profited a tiny bit percentage wise? My understanding is the spread is set to get equal wagering on both sides and they collect 10% on the losses.

  4. paul82461 says: Feb 9, 2011 8:29 AM

    awwww the casino lost money, now they only made $200,000,ooo million profit this year. See you in the wlefare line.

  5. broncsfan says: Feb 9, 2011 9:54 AM

    @jharmon64: that’s usually the goal, but if the initial spread ends up failing to equalize betting, there’s a limited amount Vegas can safely adjust it by before running into the possibility of getting hit both ways (having the outcome fall between the initial and final spread).

  6. mayfieldroadboy says: Feb 9, 2011 9:58 AM

    The reality is wagering drives the extreme popularity of college football and the NFL. No gambling, no interest; not interest, no games on TV.

    And the NFL and Vegas do have some kind of bond. When a north western state voted to allow state-sanctioned betting on football, the NFL went crazy and fought the state’s right to “corrupt” the game by betting. The state, after one year, I think, dropped the “legalized” wagering. Why doesn’t the NFL try to stop Vegas from “corrupting” the game?

    Money moves the line, and the line entices bettors to bet. Amen.

  7. Deb says: Feb 9, 2011 12:07 PM

    But … but … but … I thought the NFL and all these powerful gamblers always throw the game to ensure the Steelers win! What happened, Beer Cheese? Why wouldn’t they throw it when that kind of money is on the line? :roll:

    Idiot.

  8. marvsleezy says: Feb 9, 2011 4:56 PM

    Casinos own the NFL and determine the outcome to the games…..

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