Super Bowl Bonanza for Legal Sports Books By BRENDAN RILEY, Associated Press Writer
Tue Feb 7, 8:25 PM ET
CARSON CITY, Nev. - Nevada's legal sports books made money on Super Bowl bets as gamblers set a record of $94.5 million in wagers.
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Figures released Tuesday by the state Gaming Control Board showed the state's 176 licensed books won $8.8 million ? for a 9.3 win percentage ? Sunday in Pittsburgh's 21-10 victory over Seattle in the NFL title game.
The betting handle eclipsed the previous record of $90.8 million, set in 2005. But last year, the books won $15.4 million for a 17 percent winning percentage as New England beat Philadelphia 24-21.
Frank Streshley, a research analyst with the state GCB, said the books got lucky because many bettors bet the favorite, Pittsburgh, but wound up losing anyway because they took the "over" in a two-team, over-under parlay that had the total score of both teams in the high 40s.
"There was a substantial amount of money on Pittsburgh in the 'over,' but they lost the bet because it was an 'under' game," Streshley said. "The over-under line started at 47 points as the total score for both teams, and the game ended with a total of 31 points."
Streshley also said the books were able to generally balance the action because "the early money came in on Pittsburgh, but a lot of late money that came in was on Seattle."
Books didn't do very well on proposition bets ? such as who would score first or last, who would fumble or intercept a pass, or what team would get the first penalty or call the first time-out.
"Most said they broke even on the proposition bets," Streshley said.
He also said the casinos weren't hurt by wagers that were placed a year ago, when a bet on the Steelers guaranteed a 10-to-1 payback providing they made it to this year's Super Bowl and emerged champions.
"Even though they opened at 10-to-1, there was enough money spread on the other teams, so those odds didn't hurt," he said.
Tue Feb 7, 8:25 PM ET
CARSON CITY, Nev. - Nevada's legal sports books made money on Super Bowl bets as gamblers set a record of $94.5 million in wagers.
ADVERTISEMENT
Figures released Tuesday by the state Gaming Control Board showed the state's 176 licensed books won $8.8 million ? for a 9.3 win percentage ? Sunday in Pittsburgh's 21-10 victory over Seattle in the NFL title game.
The betting handle eclipsed the previous record of $90.8 million, set in 2005. But last year, the books won $15.4 million for a 17 percent winning percentage as New England beat Philadelphia 24-21.
Frank Streshley, a research analyst with the state GCB, said the books got lucky because many bettors bet the favorite, Pittsburgh, but wound up losing anyway because they took the "over" in a two-team, over-under parlay that had the total score of both teams in the high 40s.
"There was a substantial amount of money on Pittsburgh in the 'over,' but they lost the bet because it was an 'under' game," Streshley said. "The over-under line started at 47 points as the total score for both teams, and the game ended with a total of 31 points."
Streshley also said the books were able to generally balance the action because "the early money came in on Pittsburgh, but a lot of late money that came in was on Seattle."
Books didn't do very well on proposition bets ? such as who would score first or last, who would fumble or intercept a pass, or what team would get the first penalty or call the first time-out.
"Most said they broke even on the proposition bets," Streshley said.
He also said the casinos weren't hurt by wagers that were placed a year ago, when a bet on the Steelers guaranteed a 10-to-1 payback providing they made it to this year's Super Bowl and emerged champions.
"Even though they opened at 10-to-1, there was enough money spread on the other teams, so those odds didn't hurt," he said.
