The sound you hear may be the world's smallest violin
January 2, 2013 3:06 PM Subscribe
posted by mosk (30 comments total)
3 users marked this as a favorite
"Las Vegas bookmakers make their money by balancing their risk, but sometimes they simply come out on the wrong side of too many bets." With the regular 2012 NFL season now over and the playoffs about to begin, please take a moment and shed a tear -- or more likely, raise your beer -- as you consider the terrible beating Las Vegas sports books absorbed in 2012.
(LAT link, so potentially behind a paywall depending on your number of previous visits in last 30 days.)
The losses for sports books were especially bad back in Week Nine
of the NFL's regular season (the weekend of October 27, plus/minus a few days) when many
popular NFL teams beat the point spread
, resulting in big payouts for bettors who not only bet their favorites, but bucked the odds and parlayed
those individual bets into winning tickets with much higher odds, resulting in big individual payouts.
Of course, casinos not only have the math on their side, they also set the odds at which they offer these bets*
and thus aren't supposed to lose,
which is what makes this story interesting.
Bonus multi-part history* of sports betting in America: Part 1
, Part 2
, Part 3
, Part 4
*Some of the above content comes from sites that promote or otherwise support sports betting, which may make the starred (*) links NSFW.