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re: Vegas Insider Predictions For LSU Football
Posted on 5/8/18 at 3:43 pm to H-Town Tiger
Posted on 5/8/18 at 3:43 pm to H-Town Tiger
quote:If literally every game had equal money bet on each side, casinos would pocket exactly 10%. I don't understand your argument. ETA: actually, since the winner doesn't pay the vig, then the casino would net 5% on a bet, where bettor A bet $11 to win $10 on the favorite, and bettor B bet the same on the dog. So the casino nets $1 on $22 total bet - a little less than 5%.
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
The numbers from my post (copied below) are quite clear. Bettors bet $2.4B. Casinos kept $136M of that, which is 5.31% of the total amount bet. About half of the 10% vig.
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 3:51 pm
1
Posted on 5/8/18 at 3:55 pm to atltiger6487
Right that’s just the bets, what about the other costs of running the book? Also that in no way shows they get 50-50 bets on all or even most games. Just that over the season they won 5%. There are other bets like parlays, teasers and futures that can pay substantially more than the amount bet, so if all they were getting on every game was 10% they’d be losing their arse.
I gave you the link to Vegas Insider and it clearly shows you that games are almost never 50-50 and in fact usually heavily titled to one side, typically the favorite and the over. Check it during football season when there are 40+ college games and up to 16 NFL games and you will see the same thing. Look at the articles I linked that say Vegas lost money on a game, weekend and even entire season
they don’t get 50-50 so yes they have to root.
I gave you the link to Vegas Insider and it clearly shows you that games are almost never 50-50 and in fact usually heavily titled to one side, typically the favorite and the over. Check it during football season when there are 40+ college games and up to 16 NFL games and you will see the same thing. Look at the articles I linked that say Vegas lost money on a game, weekend and even entire season
they don’t get 50-50 so yes they have to root. This post was edited on 5/8/18 at 4:18 pm
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