- Mar 19, 2006
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http://espn.go.com/chalk/story/_/id...deal-sportsbooks-huge-loss-divisional-weekend
David PurdumESPN Staff Writer:0008
Teasers did so much damage to Las Vegas sportsbooks this weekend that there were grumblings from beat-up bookmakers about eliminating the increasingly popular form of parlay bet.
A teaser is a form of a parlay wager with adjusted point spreads and totals. A bettor makes two or more selections and moves the point spread or over/under total, for example, six points. When final scores land within 12 points of the established point spread or total, teasers are trouble for the books. And that's exactly what happened over the weekend.
In the four divisional NFL playoff games, 15 of the possible 16 winning six-point teaser combinations hit (under on Seattle-Carolina was the exception). At sportsbook operator CG Technology, 88 percent of teaser bets placed on the four NFL divisional-round games cashed. It cost the book "mid-six figures," according to vice president Jason Simbal.
A Caesars sportsbook supervisor summed it up as "brutal."
"Payout, payout, payout on teasers," said Jeff Stoneback, assistant manager for MGM race and sports, about the run of teasers.
All eight teaser sides hit from the two Saturday games hit, capped by the Arizona Cardinals' 26-20 overtime win over the Green Bay Packers. Quarterback Aaron Rodgers' last-second Hail Mary forced overtime, allowing the over on teasers to hit with the Cardinals' winning touchdown. The liability continued to build and turned the Pittsburgh Steelers-Denver Broncos game into a "make-a-break" decision for MGM. Denver ended up winning by seven, pushing some point-spread wagers, but cashing both sides of teaser bets and taking a chunk out of the books' bottom line.
The Cardinals' dramatic win was extra special to a bettor in Lake Tahoe. The William Hill sportsbook at Grand Lodge Casino accepted a $132,000 money-line bet on Arizona at -330 to beat the Packers straight-up, according to director of marketing Michael Grodsky. The bettor won $40,000 when Arizona wide receiver Larry Fitzgerald scored the winning touchdown in overtime on the Cardinals' first drive.
David PurdumESPN Staff Writer:0008
Teasers did so much damage to Las Vegas sportsbooks this weekend that there were grumblings from beat-up bookmakers about eliminating the increasingly popular form of parlay bet.
A teaser is a form of a parlay wager with adjusted point spreads and totals. A bettor makes two or more selections and moves the point spread or over/under total, for example, six points. When final scores land within 12 points of the established point spread or total, teasers are trouble for the books. And that's exactly what happened over the weekend.
In the four divisional NFL playoff games, 15 of the possible 16 winning six-point teaser combinations hit (under on Seattle-Carolina was the exception). At sportsbook operator CG Technology, 88 percent of teaser bets placed on the four NFL divisional-round games cashed. It cost the book "mid-six figures," according to vice president Jason Simbal.
A Caesars sportsbook supervisor summed it up as "brutal."
"Payout, payout, payout on teasers," said Jeff Stoneback, assistant manager for MGM race and sports, about the run of teasers.
All eight teaser sides hit from the two Saturday games hit, capped by the Arizona Cardinals' 26-20 overtime win over the Green Bay Packers. Quarterback Aaron Rodgers' last-second Hail Mary forced overtime, allowing the over on teasers to hit with the Cardinals' winning touchdown. The liability continued to build and turned the Pittsburgh Steelers-Denver Broncos game into a "make-a-break" decision for MGM. Denver ended up winning by seven, pushing some point-spread wagers, but cashing both sides of teaser bets and taking a chunk out of the books' bottom line.
The Cardinals' dramatic win was extra special to a bettor in Lake Tahoe. The William Hill sportsbook at Grand Lodge Casino accepted a $132,000 money-line bet on Arizona at -330 to beat the Packers straight-up, according to director of marketing Michael Grodsky. The bettor won $40,000 when Arizona wide receiver Larry Fitzgerald scored the winning touchdown in overtime on the Cardinals' first drive.
