When they say ‘the House’ always wins in Vegas, they’re talking about the grand scheme of things.
Every now and then, Sin City takes a nasty hit.
And then there are scenarios like Monday night’s NCAA National Championship Game—when the sportsbook takes a proverbial bath the size of those fountains at Caesar’s Palace.
Because not only was the amount of money bet on Monday Night’s Game historic – with Nevada estimating the wagers to fall between $15-20-million – but most of that money was bet on Clemson, who was a nearly seven-point underdog before winning the game in the waning seconds.
To put that in perspective, that amount is more than double the amount bet on Sunday’s Green Bay/New York Giants game.
In fact it was so big a hit that when MGM reportedly said they lost in “the high six-figures,” with another veteran Las Vegas bookmaker saying: “It was as bad as a result as humanly possible.”
Wow—looks like most of the bets that happened in Vegas Monday night sure did stay in Vegas.
Yet somehow, I think the city will survive.