Las Vegas Sports Books Lose Millions on the Super Bowl
Nevada casinos reported a total loss of $2.6 million on the Super Bowl because of the upset win from the New York Giants over the New England Patriots.
According to an ESPN article, Giants winning outright costs sports books record $2.6M, an influx of tourists in town for the Super Bowl apparently bet heavily on the underdog NY Giants.
Overall, the upset might be great news for Giants fans, but the outcome cost the casinos. The betting line had dropped to -12. In addition, a lot of money was wagered on a two-way parlay with betting on the Under at 54 (for the final score) and the Giants getting +12. The sports books had to payout 2.5 to 1 on those wagers. And don't forget all those money line payouts for the Giants at +475.
The press release says that 174 sports books in Nevada collected over $92 million in Super Bowl wagers. That was the third highest amount. The record was set in 2006 with $94.5 million.
