Photo: Screenshot via CJ Fogler
For once, gamblers beat the house this year.Lance Pugmire of the LA Times reports that Vegas sportsbooks lost money on the NFL this year.
Bookmaker Jay Kornegay told Pugmire, “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.”
It got so bad that on Nov. 4, when a “perfect storm” of losses cost one book over a million dollars, MGM Resorts “was forced to summon emergency stashes of cash to pay off its losses,” Pugmire reports.
So what happened?
Basically, people like to bet on favourites, and a disproportionate number of favourites won this year. Of the 12 playoff teams, only Baltimore had a losing record against the spread, according to Predict ‘Em. That means the average Joe blindly betting on good teams every week actually made money.
Kornegay also said that the books got killed on preseason over/under prop bets.
In the long run, this streak of favourites covering the spread will regress to be the mean. But for at least one season, gamblers got the better of the books.
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