Super Bowl Nets Only Second Loss Since 1992 For Las Vegas Casinos
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This years Super Bowl will be one to forget for casinos in Las Vegas. Sports books inside the casinos took a net loss for only the second time in the past sixteen years.
The early returns from Las Vegas before the Super Bowl was played was that the majority of the money was being placed on the New York Giants.
When Eli Manning led the Giants on that now famous game winning drive, he took with him a lot of money from Las Vegas sports books.
In 1992, the state of Nevada started reporting figures on how much money was won and lost on the Super Bowl. The figures for this years game are so bad, they would put lesser operations out of business.
Casinos reported a loss of $2.6 million. That figure blows away the previous high for net loss on the big game from 1995. That year, $400,000 was lost on the San Francisco-San Diego game.
The bigger shock from this years game was the amount wagered on the event. Projections had as much as $100 million being bet on the game. The actual figure was $92.1 million. Last years game between the Indianapolis Colts and Chicago Bears actually received more bets, $93.1 million worth.
The reason for the big loss this year had to do with the underdog. The Giants are a popular NFL franchise, and their odds of 4-1 had many playing them to win the game outright. The casinos did not receive enough money on the Patriots to overcome the money lost to gamblers that bet the Giants.
One of the reasons for the below expectation betting numbers could be traced to the current state of the American economy. While both teams have plenty of fans, people may just not have had extra money to use for entertainment purposes such as gambling.