The Super Bowl turned out to be a losing bet for Las Vegas. Vegas bookmakers took a bath when the preferred Green Bay Packers won by a decisive border. When all the bettors are paid, Las Vegas bookies are looking at their worst beating in the Super Bowl in 13 years. People lost and won money from the short term personal loans they got for their betting needs. Source for this article - Las Vegas sports book takes a bath on Super Bowl betting by MoneyBlogNewz.

Casinos in Las Vegas could have done without the Super Bowl this season

The books for Las Vegas ended up losing with the Super Bowl gambling. The 31-25 victory that the Packers showed helped with the 2 ½ point favorites. Nevada gaming officials won't release the official numbers until Tuesday, but several factors converged that are anticipated to result in big net loss for casinos. The 3 point spread was covered by the Packers that most favored. At least two $1 million bets were placed on the Packers. This was shown in reports. The Super Bowl over/under was set at 45.5 points and much of the public bet Packers/over in a game that totaled 56 points. Plus, with Pittsburgh showing signs of life near halftime however down by 11, the Las Vegas second half line favored the Steelers by 2 1/2-points.

Las Vegas has more that didn’t go well

There was a huge loss in Vegas with the Super Bowl. This is since the over/under is anticipated to be too low by most that also will bet on the favorite. When a low scoring game happens, the spread isn’t covered while sports books do hope the preferred wins. If the favorites fail to cover in the win, the bet on them manages to lose. Because the Packers were favored by 2 1/2 and won by six, gamblers betting on Green Bay enjoyed a big payday. There was an even worse part so this. In the second half, the Steelers were preferred by Las Vegas by 2 ½. When the second half began, the Steelers were down by 11. This was not a good start. As the 2 ½ point losers, many realized they could bet on the Steelers. This was because in the second half they were 8 ½ point underdogs. Pittsburgh helped those betters out also by losing by six.

Wagering means losing can take place for the house as well

Casinos tend to do well on Super Bowl Sunday which is the busiest betting day in Vegas annually. Each teams in the Super Bowl XLV got lots of bets put in to the Las Vegas sports book. There was $82.7 million bet in Vegas sports book in 2010. Casinos made money off of it. About $6.8 million was made. Estimates for Super Bowl wagering in 2011 at Las Vegas are as high as $95-$100 million. Vegas lost $2.6 million in 2008 when the New York Giants upset the New England Patriots. In the other nine Super Bowls since 2000, the gambling establishments have averaged a stake of $9.07 million.

Citations

Los Angeles Times

latimes.com/sports/la-sp-super-bowl-vegas-20110207,0,2227070.story

Business Insider

businessinsider.com/super-bowl-vegas-sports-books-lost-money-2011-2

Las Vegas Review Journal

lvrj.com/sports/packers-and-over-makes-it-big-day-for-betting-public-115485929.html