Sportbooks eager to do big business durning NCAA Tournament
Read this today in the sports section of the Review Journal. Thought it was a interesting article, and decided to post. With comments from Pinnacle to Leroys and a few in between. 
Sports books eager to do big business
NCAA Tournament 'easiest thing to book' due to volume of unsophisticated wagerers
By MATT YOUMANS
REVIEW-JOURNAL
It's a good week to be a bookmaker, whether on a Caribbean island or in a Las Vegas casino, and Jimmy Vaccaro is not afraid to say it. There is one side guaranteed to win in the NCAA Tournament.
"It's almost impossible to lose this weekend as a bookmaker," said Vaccaro, a sports book director for almost 30 years. "This is the easiest thing to book out of any event.
"It's like the Super Bowl, because it's not dominated by sophisticated players."
Everyone becomes a college basketball expert in mid-March, and many of those people are eager to wager on the games, making the NCAA Tournament a source of big business for sports books.
And it's a business that is expanding every year.
According to the Nevada Gaming Control Board, an estimated $80 million to $85 million was wagered in the state last year on the three-week tournament. That seems like a lot, but it's not all that impressive.
Consider the betting boom at offshore sports books, where the projected handle on the tournament is $1.3 billion, according to various estimates.
"It's definitely a huge industry, and it dwarfs Nevada many times over," said Simon Noble, founder of PinnacleSports.com, a major offshore operation with offices in London and Curacao. "Every year, we see an increase, and we will double what we did last year."
Of course, sitting in front of a computer to bet is as boring as it is convenient. A Las Vegas vacation is more exciting, as evidenced by the rowdy crowds that will fill the books this week.
"It's nonstop action, and it's a blur from Thursday morning to Sunday night," MGM Mirage sports book director Robert Walker said. "It's definitely a special event. It's the most exciting four days of the year."
A total of 48 games will be played Thursday through Sunday, luring a young crowd that creates a Spring Break-like weekend in Las Vegas.
"More and more people seem like they want to come in and enjoy the weekend," Caesars Palace sports book director Chuck Esposito said. "It's great entertainment, regardless if you're a $10 bettor or a $10,000 bettor."
Caesars' book has reserved seating for 225, but those spots will be claimed several hours in advance of 9 a.m., when the games begin.
"People actually camp out at the book to get seats at center court," said Esposito, adding that bettors overrun the casino's gaming tables, nightclubs and restaurants when the basketball action ends for the evening.
It will be similar to the first weekend in February, when an overflow crowd arrived for the Super Bowl, which drew a wagering record of $94.5 million at the state's 176 sports books. The handle increased for the fifth consecutive year, and the books won $8.8 million.
Walker said his staff at the Mirage is stretched to the limit and working overtime for the NCAA Tournament.
"It's as busy as we can possibly get. It's monstrous," Walker said. "In terms of dollars bet, it's growing a little bit."
Most bettors will win some and probably lose some more. But Vaccaro, public relations director for Leroy's sports books, said there are many reasons why the books will win.
"The tournament is a huge attraction, and you're getting younger people coming to town, so it's like a party," Vaccaro said. "It's people who come to town not with the intention of winning money, but to come to town and bet games, and there's a big difference."
There is an expanding menu of options, too, with first-half and halftime lines and proposition bets. It can be a dizzying experience.
"The appetite is getting so big, all we have to do is feed the giant, and all they do is keep eating," Vaccaro said.
If some gamblers start drinking, Vaccaro said, discipline can be lost.
"People come with a plan, and the plan is out the window by noon. If they like three games, they end up betting seven to 10 games," he said. "I've seen it and I've heard it. I've stood behind the counter and in front of the counter. People do not keep their money in their pocket.
"When you have games going on all the time, it's almost like an obsession, where you don't want to miss betting any game."
NCAA Tournament 'easiest thing to book' due to volume of unsophisticated wagerers
By MATT YOUMANS
REVIEW-JOURNAL
It's a good week to be a bookmaker, whether on a Caribbean island or in a Las Vegas casino, and Jimmy Vaccaro is not afraid to say it. There is one side guaranteed to win in the NCAA Tournament.
"It's almost impossible to lose this weekend as a bookmaker," said Vaccaro, a sports book director for almost 30 years. "This is the easiest thing to book out of any event.
"It's like the Super Bowl, because it's not dominated by sophisticated players."
Everyone becomes a college basketball expert in mid-March, and many of those people are eager to wager on the games, making the NCAA Tournament a source of big business for sports books.
And it's a business that is expanding every year.
According to the Nevada Gaming Control Board, an estimated $80 million to $85 million was wagered in the state last year on the three-week tournament. That seems like a lot, but it's not all that impressive.
Consider the betting boom at offshore sports books, where the projected handle on the tournament is $1.3 billion, according to various estimates.
"It's definitely a huge industry, and it dwarfs Nevada many times over," said Simon Noble, founder of PinnacleSports.com, a major offshore operation with offices in London and Curacao. "Every year, we see an increase, and we will double what we did last year."
Of course, sitting in front of a computer to bet is as boring as it is convenient. A Las Vegas vacation is more exciting, as evidenced by the rowdy crowds that will fill the books this week.
"It's nonstop action, and it's a blur from Thursday morning to Sunday night," MGM Mirage sports book director Robert Walker said. "It's definitely a special event. It's the most exciting four days of the year."
A total of 48 games will be played Thursday through Sunday, luring a young crowd that creates a Spring Break-like weekend in Las Vegas.
"More and more people seem like they want to come in and enjoy the weekend," Caesars Palace sports book director Chuck Esposito said. "It's great entertainment, regardless if you're a $10 bettor or a $10,000 bettor."
Caesars' book has reserved seating for 225, but those spots will be claimed several hours in advance of 9 a.m., when the games begin.
"People actually camp out at the book to get seats at center court," said Esposito, adding that bettors overrun the casino's gaming tables, nightclubs and restaurants when the basketball action ends for the evening.
It will be similar to the first weekend in February, when an overflow crowd arrived for the Super Bowl, which drew a wagering record of $94.5 million at the state's 176 sports books. The handle increased for the fifth consecutive year, and the books won $8.8 million.
Walker said his staff at the Mirage is stretched to the limit and working overtime for the NCAA Tournament.
"It's as busy as we can possibly get. It's monstrous," Walker said. "In terms of dollars bet, it's growing a little bit."
Most bettors will win some and probably lose some more. But Vaccaro, public relations director for Leroy's sports books, said there are many reasons why the books will win.
"The tournament is a huge attraction, and you're getting younger people coming to town, so it's like a party," Vaccaro said. "It's people who come to town not with the intention of winning money, but to come to town and bet games, and there's a big difference."
There is an expanding menu of options, too, with first-half and halftime lines and proposition bets. It can be a dizzying experience.
"The appetite is getting so big, all we have to do is feed the giant, and all they do is keep eating," Vaccaro said.
If some gamblers start drinking, Vaccaro said, discipline can be lost.
"People come with a plan, and the plan is out the window by noon. If they like three games, they end up betting seven to 10 games," he said. "I've seen it and I've heard it. I've stood behind the counter and in front of the counter. People do not keep their money in their pocket.
"When you have games going on all the time, it's almost like an obsession, where you don't want to miss betting any game."
