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re: Vegas Insider Predictions For LSU Football
Posted on 5/8/18 at 3:27 pm to H-Town Tiger
Posted on 5/8/18 at 3:27 pm to H-Town Tiger
quote:old data (from 2009), but a good perspective. Casino book survive on about a 5% win rate.
Sorry that’s not the way it works. Book managers will tell you they could not stay open if all they got was 10%. Basic business logic should tell you no business could survive on that, you’re talking about 10% on just bets, that’s before they pay a light bill or employee salary.
Below are the numbers that Las Vegas casinos made in revenue from sports betting in 2009:
Overall
Total Amount Bet – $2.4 Billion
Total Casino Win (revenue) – $136.3 Million
Win Percentage (percent of money played that casino kept) – 5.31%
This post was edited on 5/8/18 at 3:28 pm
1
Posted on 5/8/18 at 3:36 pm to atltiger6487
quote:
Below are the numbers that Las Vegas casinos made in revenue from sports betting in 2009:
Revenue doesn’t equal profits and I’d be willing to bet (pun intended) that they would not get to 5% of bets if literally every game was 50-50
LINK
quote:
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 favorites, and a disproportionate number of favorites won this year
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