Nevada books lose $6.2 million to football bettors in October
Nevada sportsbooks got hit with a $6 million QB sack in October, losing that figure to football bettors this fall.
According to the Nevada State Gaming Control Board, sportsbooks across the Silver State were stung for a loss of $6.2 million on football betting in October – a huge difference compared to last October’s windfall of $26.5 million on football (the report does not differentiate between NFL and NCAAF). That’s a difference of more than 123 percent.
Books on the Las Vegas Strip suffered the brunt of that blow, losing close to $4.5 million on football in October with a hold percentage of -2.59.
However, Michael Lawton, senior research analyst for the Gaming Control Board, says October 2011 was an anomaly and that 2012’s numbers were “going up against an unrealistic hold percentage”, referencing the -1.98 hold percentage of this October compared to the 8.3 percent of last year.
“As far as I know, a big number of favorites came in and that is never good, with the public behind most of those teams,” Lawton told Covers.
According to our ATS records, NFL favorites went 24-31-1 against the spread in October. College football favorites finished an even 109-109-3 ATS in October. In October 2011, NFL faves posted a 33-32-3 ATS mark while NCAAF chalk went 129-125-2 ATS.
In other sports, basketball paid out for Nevada books in October, bringing in just over $2 million. Obviously, that’s a huge difference from last year’s numbers due to the NBA lockout (3,393 percent change compared to 2011).
The baseball playoffs, including the improbable World Series run by the San Francisco Giants, helped Nevada books earn $8.65 million, with a favorable 14.72 hold percentage. That was a difference of 446 percent compared to last October.