Major Losses for Vegas Sports Bookies in 2012


Last year brought an unexpected multi-million dollar financial hammering for Las Vegas sports books as many popular NFL teams beat the points spread during the regular season, the LA Times and other media report. By combining their picks in parlays, many players earned $1,000 pay-outs on $20 wagers or even more depending on the number of combined winning bets.

'We know the general public now has tremendous sources of information; that the regular player is sharper than the guy 10 years ago, but we've never seen a streak like this before,' says Jay Kornegay, the head of the Las Vegas Hotel & Casino's Race and Sports book, the LA Times reveals.

With an extensive 25-year experience in the business, Kornegay commented on the past NFL season stressing that the Week 9 was especially difficult as Vegas-backed underdogs finished 2-10 against the point spread and seven games that day finished 'over' the game's projected total-points-scored line.

The Vegas biggest sports bookmaker MGM Resorts reportedly had to use emergency deliveries of cash to cover its losses. 'It's like you're a passenger trapped on a train to hell,' explained Jay Rood after 12 MGM Resorts' sports books including venues such as Mandalay Bay, Mirage and Bellagio took a seven-figure hit on the same day.

According to the Business Insider reports, only Baltimore had a losing record against the spread out of 12 NFL play-off teams and the books were additionally affected by preseason over/under prop bets.

General Sportsbook News Land Based Sportsbook News

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