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Wagers, bettor losses set record

Discussion in 'Sports and News' started by goalmouth, Jan 30, 2015.

  1. goalmouth

    goalmouth Active Member

    Nevada sports bettors wagered more -- and lost more -- than ever in 2014.

    ESPN: "The state's 187 sportsbooks won $227.04 million off of the $3.9 billion wagered on sports in 2014. Both amounts are all-time records, according to Nevada Gaming Control."

    Embarrassingly devoid of context or analysis for an article with a byline, but anyway. Can any of the gamblers here explain why books remain in business when they win far less than they lose? Aren't they supposed to be the wise guys who rig the game to fleece degenerate wage earners of their mortgage and kids college money?
     
  2. LongTimeListener

    LongTimeListener Well-Known Member

    Say what, Troll Boy?
     
  3. goalmouth

    goalmouth Active Member

    Seems like a painfully small take for the books. Less than 10% gross and probably closer to 3% net after expenses and taxes.
     
  4. LongTimeListener

    LongTimeListener Well-Known Member

    And how exactly is that winning far less than they lose?
     
  5. doctorquant

    doctorquant Well-Known Member

    Divide the $3.9 billion wagered in two. Generally, there'd be $1.95 billion on one side of the line and there'd be $1.95 billion on the other side of the line. Out of the half (on a given wager) that should have gone to the winners, the books took $227 million. That's close to a 12% commission (in gambling parlance, "the vig").
     
  6. JackReacher

    JackReacher Well-Known Member

    I also saw this on Twitter today...

    Nevada casinos December winnings:
    Blackjack: 89.85M
    Craps: 30.76M
    Roulette: 34.82M
    Baccarat: 15.023M
    Sports: 26.05M
    Penny slots: 216.23M
     
  7. Michael_ Gee

    Michael_ Gee Well-Known Member

    That's just the time element. Ball games take three hours, table games take no time at all.
     
  8. LongTimeListener

    LongTimeListener Well-Known Member

    They're lucky I didn't go.
     
    JackReacher likes this.
  9. JackReacher

    JackReacher Well-Known Member

    What are you talking about?
     
  10. SnarkShark

    SnarkShark Well-Known Member

    Not how sportsbooks operate. I feel like I've said this 100 times on this site.

    Sportsbooks don't make their nut on the vig, although it helps. They take advantage of less informed bettors and the public bettor at large. If they think they have an advantage, they'll shade the line to get as much money on the losing side as possible.

    Betting Against the Public | Sports Insights

    "Sportsbooks do not look to balance their books. They look to exploit sports bettors’ tendencies by shading favorites and overs."
     
    Double Down likes this.
  11. goalmouth

    goalmouth Active Member

    OK, I guess I expected closer to a 50%-plus take for the books on the total wager, isn't that how a business stays in business? Or do the casino games subsidize the sports betting? They books have to pay off the winner, at odds.
     
  12. SnarkShark

    SnarkShark Well-Known Member

    They PROFITED $227 million. That's a very good thing. A lot of the function for sportsbook in casinos is not only to make money, but to keep people entertained, which keeps them in the casino. The longer they're in the casino, of course, the more likely they are to spend and lose money.
     
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