Report -- Nevada Sports Books Could Lose Big If New York Giants Win Super BowlFutures Bet Could Cost Nevada Casinos Millions |
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The New York Giants have a lot of believers, which is why Nevada casinos could wind up losing big if they manage to upset the New England Patriots next Sunday in Super Bowl XLVI.
That’s because at one point this season, with the Giants’ record sitting at 6-6 and their playoff hopes dwindling, Las Vegas odds makers reportedly shifted their futures bet to win it all as high as 80-1.
Futures wagers are the odds that a sports book will offer throughout the season on teams to win the championship. These odds fluctuate, depending on recent developments. A regular season win will increase the likelihood of a post season appearance and a shot at the title, while a loss or key injury will generally decrease the odds, making the team a bigger gamble.
The diehard fans and gambling gurus jumped on the bet (apparently they’ve seen Tony Romo play before) and snatched up the chance for a long shot at a big payday. Of course, any betting that occurs now doesn’t concern the sports books, because they’ll move the line enough to stay balanced on both sides of the action, but the futures payout will be much larger than usual should Eli Manning and company find a way to repeat their performance from 2008, when the Giants beat the previously undefeated Patriots in Super Bowl XLII.
Currently, the Patriots are a 2.5-point favorite in the game. In 2008, the Giants were 12-point underdogs, but wound up winning the game 17-14. According to vegasinsider.com, most of the bets are falling on the Giants side.
In fact, one report had the MGM Resorts sports books starting their line with the Giants as a 3.5-point underdog, anticipating the heavy action, in an effort to balance out the betting. That number has and will fluctuate, however, as the betting increases in the week leading up to the game.
This year’s game promises to be one of the highest bet sporting events in history and has a chance to break the Nevada record of $94 million which was wagered in 2006 on the Super Bowl match between the Pittsburgh Steelers and Seattle Seahawks.
Lee Amaitis, president and CEO of Cantor Gaming, echoed that sentiment. Amaitis said that the Giants winning was actually better for Nevada and that the Super Bowl was “the ideal matchup” for the state. When specifically asked if the sports books would take a big hit should the Giants win, Amaitis said, “It’s not a matter of who wins. It’s a matter of how many bets we can pair off.”
Cantor Gaming, which operates race and sports books at six Las Vegas properties, took in about 10 percent of the $85 million in revenue generated from sports betting in Nevada last year, according to Amaitis.
Amaitis and his company appeared in front of the Nevada Gaming Commission on Thursday to discuss their plans to do business at the Palms Resort and Casino, but regulators seemed equally as interested in the upcoming Super Bowl.
Super Bowl XLVI will air on NBC at 6:30 p.m. EST on Feb. 5 in Indianapolis, Indiana.
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