Las Vegas Sports Gamblers Get into the Spirit of Things with Devry University Basketball Uniforms
Thursday was the biggest single day win in memory, said one Las Vegas sportsbook this week. Though favorites continue to win at an astounding rate, most of the favorites have failed to cover the point spread. That has created a huge run of wins for the bookmakers.
Nevada and international sportsbooks reported a major windfall for their books. As usual, the public wagered on the favorites, but were sorely disappointed. Despite the favorites having a nice run in the win-loss column, the upset-minded underdogs have kept the games close enough to frustrate Vegas gamblers.
Bookmaker Quotes on March Madness
Jay Rood, who is the Vice President of MGM Grand’s Race & Sports, told ESPN on Thursday, “Epic day, absolutely. Tough day for the players coupled with the fact the books did well Wednesday, too.”
Jason Simbal, associated with the sportsbook run by CG Technology, added, “We didn’t sweep the board [on Thursday] but we were pretty close.”
Dave Pemberton, who directs Caesars Palace’s Specialty Games Division, said on Friday, “Yesterday was amazing.”
Underdogs Showing Strong
Most of the good luck came down to the underdogs. Though most of the games were not upsets, the underdog covered the first 10 games of March Madness, including the First Four games on Tuesday and Wednesday. The lucky streak continued on Thursday, when the underdogs went 12-4 with the spread.
Meanwhile, parlays and NCAA Tournament brackets exploded when a couple of major upsets occurred: 14-seed Georgia Tech beat 3-seed Baylor and 14-seed UAB defeated 3-seed Iowa State. The favorites went 8-8 on Friday, establishing more equilibrium, but the first full day of the tournament was a wash for gamblers.
It often is.
The American sports betting public is usually not at its best during the Mens NCAA Tournament. It’s the time of the year when Spring Break happens, while the glut of gambling possibilities often overwhelm casual gamblers.
With 32 games to handicap, most gamblers end up betting on the favorites. They’ve grown used to seeing these teams roll all year, while they are less familiar with the mid-majors and small conference schools. Often, though, they are betting on 4th and 5th place teams in major conferences going against a team which won its conference, and therefore has a championship attitude.
Even worse, many bettors decide to give the parlays a try. While the long odds give gamblers a sense they could pull down a major payout, one certainty in March Madness is some underdogs are going to win. When a gambler predicts multiple favorites are going to win, they tend to be disappointed.
Insane Kentucky Wagers
Some of the bets made on the Kentucky Wildcats were wild. Gambling enthusiasts already know that the Wildcats are even-money to win the tournament. Such odds almost never happen, but when last year’s runner-up goes unbeaten through the season and serious analysts say Kentucky’s squad could qualify for the NBA Playoffs, people start to believe.
To bet on Kentucky to win outright, gamblers had to make a 1:500 wager. Only eight gamblers took that action. One gambler made a $600 bet on Kentucky to beat Hampton and won a measly $1.20 when the Wildcats came through.
Bets on Hampton to Win
Most of the gamblers wagered on Hampton to win, due to the huge odds offered. 260 gambler wagered the moneyline bet at William Hill, though most of those players bet $5 or less. In all, William Hill took $2,240 on Hampton to beat Kentucky outright.
In the point spread betting, the Wildcats did not cover the spread. Las Vegas sportsbooks had Kentucky listed as 35-point favorites, but the Wildcats “only” won by 22 points.
Nice Rebound from Super Bowl
The NCAA Tournament is a nice rebound for the Vegas sports books, after the Super Bowl proved a disappointment. Because of the controversial call by Pete Carroll at the end of the game (or the subsequent turnover), gamblers won most of their bets from the sportsbooks. While the Las Vegas casinos collected over $115 million in winnings on last year’s Super Bowl, this year’s game only netted about $3 million in winnings.
With 187 Nevada casinos sharing that cash, the NFL Championship Game was a virtual non-event from the sportsbooks’ perspective.
