Las Vegas sportsbooks is about to lose an estimated $5 million to $7 million should the increase The Vegas Golden Knights cap their improbable initial season by winning the 2018 Stanley Cup. But a number of oddsmakers stated that they are cheering for the Knights and are not totally concerned about them hurting their earnings.
At South Point, the sportsbooks has accountability on the Knights well into six millions of dolloars.
“But Mr. Gaughan (owner Michael) said that’s OK. He thinks it’s good for the town and good for the South Point,” South Point sportsbook director Chris Andrews said. “He’s not that concerned.”
William Hill and Station Casinos sportsbooks have the largest financial obligations on the ice hockey team, at more than $1 million each. The Westgate and Wynn Las Vegas sports books, on the other hand, are each has liability for mid six figures. Meanwhile, Technology, Caesars Palace and MGM Resorts sportsbooks also reported a six-figure arrears respectively.
Stations advertised a hype promotion after Golden Knights first-round sweep of the Los Angeles Kings in which it gave its rewards card members free futures bets on the former at 4-1 to win the 2018 Stanley Cup in amounts ranging from $5 to $250. The campaign itself would cost Station Casinos more than $1 million, according to the company’s sports book director Art Manteris.
“Station Casinos is very excited that Vegas is now just one series away from tens of thousands of our guests cashing in on our free wager offer made in April to reward their loyalty,” Manteris said in a press statement. “Station Casinos could pay out an aggregate amount of over $1 million to those lucky guests participating.”
Westgate sportsbook director Jay Kornegay and Caesars Palace sports book director Frank Kunovic are amongst many industry employees with Golden Knights season tickets.
“And being a huge Knights fan, if they win, I’m OK with the sports books having to pay,” Kunovic said. “Every now and then, you have to pay some out. We can’t win them all.”
Bettors have already cashed out tickets on longer shots than Knights, which was 500-1 at the Westgate prior to the season. But should the Knights raise the tournament, it will represent Las Vegas’ largest depletion ever on a futures bets. With that being said, sportsbooks are up massive over the coming years on futures bets. They hold 25 to 30 percent of all money ante on them.
Las Vegas’ projected loss on the Golden Knights is akin to that of the worst Saturday or Sunday during NFL regular-season.
The biggest futures bets on the Golden Knights in Las Vegas is offered by Westgate at 300-1 odds, a $400 that repays a whopping $120,000 and a $500 at CG Technology at 200-1 odds that pays up to $100,000. — TheDistriQ.com